Only 34 flats remain unsold at The Mediterranean, according to Gary Lim, a Century 21 agent who showed us around the Tai Mong Tsai Road estate. Just five of the smaller flats, claimed by the developer to be 538 sq ft, are left. These are the lowest priced at $9.2 million. We paced the living room of a show flat. It is only four paces wide.
Gary told us through his chewing gum it is important to buy quickly. “After Chinese new year, the prices are going up, absolutely, Sir.”
A total of 263 flats in the 297-unit development have been sold. The average of the prices is about $11 million*, so if Gary is getting it right, the estate has already earned for Sino Land about $2.9 billion.
Who is buying? Mainlanders? “No, mainlanders want to buy downtown. It’s locals who like the Sai Kung living environment.”
Up to 80 per cent finance is available. Gary said banks will give you a 50% first mortgage over 30 years, if you are young, at interest of 1.9 to 2.15%. Sino Land will add a second mortgage of 30% over 20 years at 5% interest.
Would you want to live there? In some ways yes, in other ways no. The large swimming pool, gardens and gym in the centre of the estate are beautiful. But one feels it all goes too far. It’s too ostentatious, on the way to being gauche. Soon about 900 people will be crowded into the four blocks. We suspect petty restrictions imposed by the developer will drive residents mad. We had to register as a visitor twice, once at the gate and again at the sales office. When we tried to photograph the swimming pool from the far side with the sun behind us we were told it was forbidden. Minders and security guards are everywhere.v
This is Phase One. Gary said The Mediterranean Phase Two behind the Sai Kung Fire Station will go on sale in March or April. Here the flats are smaller and the gardens less attractive, so prices will be a bit lower.
* $11 million buys you a flat claimed by Sino Land to be 695 sq ft. We paced the living room of one — just four paces wide.