Sun Hung Kai offers steep discounts, deferred payment plans at Novo Land in Tuen Mun, yielding to first-home buyers’ demand for affordable housing
- The first 165 flats in phase 1A at the Novo Land project in Tuen Mun were priced 12 per cent less than CK Asset Holding’s Grand Jete project in the same area
- Buyers of the 15 studio units at Novo Land will be entitled to pay by instalments
Sun Hung Kai Properties (SHKP) is selling its newest apartments in Hong Kong at double-digit discounts, and offering deferred payments to selected customers, becoming the latest developer to offer incentives to bow to first-home buyers’ demand for affordable housing.
The first 165 apartments in phase 1A at the Novo Land project in Tuen Mun were priced at an average of HK$13,188 per square foot, about 12 per cent cheaper than the launch price last month at CK Asset Holding’s Grand Jete project in the same neighbourhood, according to SHKP.
That would price Novo Land’s flats at between HK$3.29 million and HK$7.64 million, for units of between 271 square feet and 561 square feet. Phase 1A, comprising 824 flats, is scheduled for completion in June 2023.
Buyers of the 15 studio units at Novo Land will be entitled to pay by instalments, beginning with 40 per cent of the home loan in the first three years, rising to 70 per cent in the fourth through sixth years, and 100 per cent from the seventh year under a 30-year loan tenure.
“The scheme aims to help young buyers climb the property ladder more easily,” said SHKP’s deputy managing director Victor Lui.
Novo Land comprises 4,585 apartments in six phases. The buyer of a HK$3.41 million studio can borrow up to 85 per cent of the flat’s value in a 30-year loan at 2.5-percentage point discount to prime rate (5 per cent), translating to HK$4,586 in monthly instalments for the first three years.
