Thursday, October 23, 2014   




Owners slash prices with property market quiet

Karen Chiu

Tuesday, March 26, 2013

Flat prices have slipped by up to double digits as owners try to offload units amid a quiet property market.

A 580-square-foot flat at Ming Kung Mansion in Tai Koo Shing changed hands for HK$7.95 million - 5 percent lower than market prices. The two-bedroom flat was priced at HK$8.5 million on Wednesday.

"Around three to four similar units were sold at HK$8.5 million-HK$8.6 million before the latest government curbs," said Alan Cheung Kwong-yiu of Centaline Property Agency.

Also, an owner finally sold his 509-sq-ft flat in Tai Koo Shing for HK$11,297 per sellable sq ft, or HK$5.75 million, after cutting prices twice. The current market price is about HK$12,800 per sellable sq ft.

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The two-bedroom flat was put on the market before February 22 - when the latest property curbs took effect - at HK$6.5 million. It was first reduced to HK$6 million.

A 2,006-sq-ft home at Winfield in Happy Valley was sold for HK$47.48 million after the price was slashed from HK$54.57 million.

Hong Kong Property expects overall flat prices to drop by 10 percent amid the "price-cutting" trend.

Meanwhile, a 908-sq-ft unit at The Palazzo in Fo Tan was rented out for HK$29,000 a month, with the rate trimmed by HK$1,000 from its previous contract.

The primary market, meanwhile, saw just four flats being sold yesterday - two at Green Code in Fan Ling, one at Residence 88 in Yuen Long and an apartment in Parkes Residence at Austin MTR Station.


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