One Wood Road unveils first price list

One Wood Road in Wan Chai, developed by Vantage International, launched its first price list yesterday after not achieving any transactions in tender since it was put on sale in June.

The 10 flats are priced at an average of HK$23,003 per square foot, with the cheapest being a two-bedroom flat at HK$9.85 million.

The average price per sq ft is 13 percent lower than other projects in the same district launched seven years ago. The flats, which all 460 sq ft in size, are priced between HK$9.85 million and HK$11.67 million after discounts.

Ricacorp Properties said the project is located in a core area of Hong Kong Island. When finished, Ricacorp predicts it will lure homebuyers who are after practicality.

In other news, a 532-sq-ft one-bedroom flat with a storage room at The Avenue in Wan Chai sold for HK$10.01 million, with a price lower than HK$20,000 per sq ft. The flat was bought in 2013 for HK$9.55 million, and the seller booked a profit of HK$460,000.

In other news, Emperor Hotels Group's rental project in Central, was named The Unit Soho yesterday. The occupancy rate of the first batch of 20 pre-rental units reached 90 percent, with the price for furnished units as high as HK$120 per sq ft, the company said.

June Chen