Vendors cut home prices further

Business | Gary Poon and Sunny Tse 9 Nov 2018

Price cuts for second-hand flats in different parts of the New Territories, including Tung Chung and Tin Shui Wai, are getting deeper.

The asking price for a three-bedroom flat in Kingswood Villas has been reduced to HK$8,419 per square foot, slightly lower than prices of flats in public housing estates.

A 456-sq-ft, two-bedroom flat Century Link in Tung Chung has been sold for HK$6 million, significantly lower than the asking price of HK$6.6 million.

A 589-sq-ft flat at Taikoo Shing in Hong Kong Island was sold at HK$12.7 million or HK$21,053 per sq ft. The transaction price was much lower than the HK$30,000 per sq ft originally sought by the vendor.

A 463-sq-ft apartment on Tower 9 at YOHO Town in Yuen Long changed hands for HK$6.5 million or HK$14,039 per sq ft, about HK$100,000 lower than the asking price.

A 552-sq-ft, three-bedroom flat at Tower 7 of Parc Oasis in Kowloon Tong was sold for HK$10.36 million or HK$19,847 per sq ft, marking a HK$1.44 million reduction in the vendor's asking price.

Walter Lam, Centaline Property marketing manager charged with the Vineyard and Palm Springs projects, said the number of flats available for sale in the secondary luxury residential market was declining as buyers become increasingly cautious.

A 1,576-sq-ft luxury flat at Valais in Sheung Shui has been sold for HK$22 million, HK$2 million lower than the asking price.

In the primary market, Country Garden (2007) will launch as early as next week the price list for flats at its Altissimo project in Ma On Shan.

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