Mortgage loans add up for Sunshine City flat

As many as 22 properties have been put on foreclosure listing in August, with a home at Sunshine City in Ma On Shan taking 20 mortgage loans since 1997.

According to the Land Registry, the 625-square-foot three-bedroom home listed for foreclosure in Sunshine City was purchased for about HK$4.47 million in 1997.

The property owner was reported to have refinanced once each year with banks and private financial institutions. This property is now listed for HK$8.5 million, or HK$13,600 per square foot, according to real-estate company Century 21.

Four other homes in Sunshine City have put on foreclosure listing in one day. Sixteen of the properties are residential units among 22 properties listed for foreclosure in August so far.

A 715-saleable sq ft flat in Hong Kong Garden, a large-scale private housing estate in Sham Tseng, also reported a foreclosure listing.

This flat is currently listed for HK$6.2 million, or about HK$8,700 per ssf. Back in 2011, the owner bought the flat for HK$2.9 million.

Meanwhile, Chinachem Group launched its latest residential project, Parc City in Tsuen Wan West, which provides 953 apartments.

Most of the flats will be two- bedroom and three-bedroom homes, with sizes from 427 sq ft to 859 sq ft. About 10 percent will be one-bedroom homes that are sized at 469 sq ft to 481 sq ft.

Located at 98 Tai Ho Road, construction of Parc City is expected to be completed in December next year.

Cheung Kong Property (1113) launched an additional 144 units from its Tseun Wan West project Ocean Supreme. The latest batch will comprise mostly two-bedroom flats.

There are about 700 flats remaining for sale at Ocean Supreme. The project provides about 1,400 units.

Centaline Property agency said only one deal was recorded over the weekend in the secondary market, the lowest figure in 22 weeks. The lone deal was at Kingswood Villas in Tin Shui Wai.

Midland Realty said it recorded four deals in the secondary market over the weekend as purchasing power continued to move to the primary market.

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