For Immediate Release

August 30, 2001

Oscar by the Sea is a superstar luxury residential development by Sun Hung Kai Properties (SHKP), and the developer is offering ten selected units starting from $2,930 per square foot. In a rare opportunity, the developer and Dao Heng Bank are also giving Home Starter Loan Scheme (HSLS) and Home Purchase Loan Scheme (HPLS) applicants rebates of up to 19% of their loans.

Paul Wong, Senior General Manager of Dao Heng Bank, and Eric Chow, General Manager of the Sun Hung Kai Real Estate Agency, met the media today (August 30) to announce details of the mortgage plan.

Eric Chow said, 'This is first time in Hong Kong that a plan like this has been offered, and it is the most competitive and attractive mortgage package on the market. That's why we expect it will be extremely popular with buyers and arouse tremendous market interest.'

With HSLS and HPLS applicants eligible for a rebate of up to 19% of their loans, the most affordable of the ten selected units is just $2,540 per square foot.

To provide greater financial flexibility, other buyers can enjoy second mortgages of up to 22% of the unit price with no interest and no payments for the first 30 months. In addition, they can get a cash rebate of 11.4% of the loan and a very competitive rate on a first mortgage.

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