Mega project prices within range of secondary homes
Friday, May 23, 2014
Cheung Kong Holdings (0001) has priced its first batch of 350 units at City Point in Tsuen Wan close to those of secondary homes nearby, prompting some owners to cut their asking prices.
The joint project with Nan Fung Group, at 48 Wing Shun Street near Tsuen Wan West MTR Station, has a price tag between HK$7,634-HK$12,071 per sellable square foot after a discount of up to 15.75 percent.
The cheapest unit, a 483 sq ft, two-bedroom flat on a low floor, sells at HK$4.51 million. The costliest, a four-bedroom, 914 sq ft flat on the 50th floor, goes for HK$11 million. The first batch consists of 180 three- bedroom, 700 sq ft apartments, 114 two-bedroom, 480 sq ft units and 56 four-bedroom homes.
"The price is at a 10 percent discount compared to considerably new secondary homes in the same district," said Cheung Kong executive director Justin Chiu Kwok- hung. Construction is due to be completed by March.
Kelvin Cheong Tsz-cheung, sales director for northwest New Territories at Midland Realty, said the offer is reasonable and within expectations.
"It is not cheap enough to scare off secondary home sellers," he said.
Show flats are available today, while the developer will announce the date of sales next week.
The mega project comprising seven blocks will provide 1,717 units in total.
Separately, developer Hip Shing Hong said the Le Riviera in Shau Kei Wan, a 29-story building with 98 flats, will be put up for sale next quarter.
Thomas Kwok Ping-kwong, co-chairman of Sun Hun Kai Properties (0016), said the firm will not join a price-cut war.
The developer is also submitting bids for the plots in Tai Po and Kai Tak. The tenders are due today.
Kowloon Development's (0034) MacPherson Place in Mong Kok is releasing its price list today. It has a total of 293 mainly one- and two-bedroom units.