New Yuen Long flats are the cheapest in 10 years

Staff reporter

The Parkland in Yuen Long, developed by Lai Sun Development (0488) launched its first price list yesterday, offering 50 new flats with units starting from as little as HK$2.43 million.

The discounted average price also came down to as low as HK$9,278 per square foot, levels last seen nearly 10 years ago in the area.

In 2015, New World Development (0017) rolled out the first batch of The Parkhill involving 50 flats with a discounted average price of HK$9,807 per sq ft while Domus of Paliburg (0617) set a price of HK$2.39 million for checks.

The two projects are both located in Yuen Long.

Lai Sun's senior vice president Julian Poon Yui-man said the project's price is "highly attractive" and cheaper than any other project in the same area or the entire new homes market.

Poon said Lai Sun has developed multiple projects and will not calculate the profits of a single project.

"It is hard to say whether you will lose money or not in business," he said

The land price of the project is more than HK$4,000 per sq ft while construction costs were over HK$5,000 per sq ft.

The Parkland will open for sale as early as next week.

In other news, Swire Properties (1972) announced a new development named The Headland Residences yesterday.

The Chai Wan project offers a total of 850 flats, with home types spanning one- to four-bedroom units with sizes ranging from 400 to 2900 sq ft, as well as two special units. Director of residential business Adrian To Wai-yip expects to receive the first occupation license in 2025.