Staff reporter

Sun Hung Kai Properties (0016) yesterday unveiled the first price list for 280 flats at its Yoho West residential development in Tin Shui Wai.

The cheapest flat comes in at HK$2.99 million after discounts, a price not seen in the New Territories West in the past two years.

The first price list released yesterday for 280 units offers an average discounted price of HK$10,888 per square foot.

This not only represents a reduction of around 23 percent compared to the initial batch of flats at Wetland Seasons Bay phase 3 launched in the same district over a year ago but also is the lowest prices in the overall market in six years.

The first batch of 78 flats at Wetland Seasons Bay phase 3, also developed by SHKP, was introduced in September last year at a discounted price of HK$14,186 per sq ft.

The developer said that among the 280 Yoho West apartments, there are 28 one-bedroom, 175 two-bedroom, and 77 three-bedroom flats, with areas ranging from 274 to 651 sq ft.

After deducting a discount of up to 13.5 percent, the prices range from HK$2.99 million to HK$7.23 million.

Louis Chan Wing-kit, the Asia-Pacific vice-chairman of the residential division at Centaline Property, said that the entry price below HK$3 million for Yoho West is the most affordable for a new development in the New Territories West in over two years.

With its low offering, Chan believes that new home buyers will benefit the most, and anticipates that the local secondary market may face challenges.

Sammy Po Siu-ming, the chief executive of Midland Realty's residential division for Hong Kong and Macau, believes that the project will create market enthusiasm, estimating the first price list can receive over 20,000 checks.

Meanwhile, Henderson Land's (0012) The Paddington in Cheung Sha Wan launched the first batch of 68 flats yesterday, which received over 600 checks, making them 7.8 times oversubscribed.

The discounted prices range from HK$3.9 million to HK$9 million.

Also on the market are 15 residential homes within a redevelopment building at 10 Grampian Road, 9 Junction Road and 49-49A Nga Tsin Wai Road, with an estimated valuation of HK$288 million. They are available for expressions of interest, with CBRE serving as the exclusive agent.

In other news, Hong Kong interbank offered rates have been on the rise with the three-month Hibor hitting a nearly 23-year high at 5.46 percent.

The mortgage-related one month Hibor rose by 18 basis points to 5.21 percent.

Yoho West has unveiled prices for 280 flats. Sing TaO

$3m New Territories flats are cheapest in two years