Early close for flat sales offices

Money glitz | Kevin Xu 14 Nov 2019

Developers closed their sales offices and show flats of new projects early yesterday, while some units changed hands or were rented out below market prices.

Operations including Henderson Land Development (0012), New World Development (0017) and Billion Development and Project Management closed sales offices amid the troubles.

Meanwhile, a 1,096-sq-ft flat at Harbour Glory in North Point was rented out for HK$58,000, or HK$53 per sq ft, after HK$5,000 was cut from the asking price. The rent was about 10 percent lower than market rent.

And a two-bedroom unit at Sky Tower in To Kwa Wan changed hands for HK$8 million, or HK$15,414 per sq ft, after HK$700,000 was slashed from the asking price. The selling price was still 63 percent higher than the vendor purchased the unit for in 2012 - HK$4.9 million.

In the primary market, however, some developers are still launching new projects despite the escalating social upheaval. Local developer Chinachem Group will launch 144 flats at Sol City in Yuen Long on Sunday, among which 63 flats will be sold by ballot, and 81 on a first-come, first-served basis.

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