Hung Shui Kiu flats offered for 18pc less than six months ago

The latest batch of flats at a new project in Hung Shui Kiu is being offered at prices that are 18 percent lower than six months ago while prices at Mei Foo Sun Chuen also fell further in the secondary market.

High Park I in Hung Shui Kiu, developed by Asia Standard International (0129), released the third price list yesterday, offering 63 flats with the cheapest priced at HK$3.4 million.

The average price for the latest batch stood at HK$11,797 per square foot after discounts.

A total of 92 flats have been sold after the project first launched in July last year, raking in more than HK$520 million, the developer said.

Meanwhile, CK Asset (1113) will launch the sale of 12 flats at The Coast Line II in Yau Tong on Saturday, with five special units to be sold via tender.

Among seven flats sold through price lists, one is a one-bedroom and six are three-bedroom flats.

The one-bedroom flat saw the price rise about 2 percent to HK$4.14 million, or HK$16,058 per sq ft, in its relaunch after a customer earlier gave up a transaction. CK Asset said it will also consider hiking the prices for three-bedroom units.

This came as Phase one of KT Marina in Kai Tak will also put on sale of 217 flats on the same day, among which 211 flats will be sold via the price list.

The project is jointly developed by K Wah International (0173), Wheelock Properties, and China Overseas Land and Investment (0688).

In the secondary market, a three-room flat in Mei Foo Sun Chuen has changed hands at HK$8 million after a price cut of HK$3.5 million. The average price per sq ft is HK$8,869, falling below the HK$9,000 level.

The original owner booked a paper loss of HK$800,000 after buying the property in November 2016 for HK$8.8 million and holding it for more than seven years.

Meanwhile, a one-bedroom flat at the estate was sold at HK$4.52 million, or HK$9,679 per sq ft, after the vendor asked for HK$4.68 million earlier.

Separately, a three-bedroom flat with a car-parking space at Tregunter Towers in Mid-Levels was sold at HK$47.6 million after a price cut of more than HK$5 million.