Mori's prices start at $3.1m

Road King Infrastructure (1098) yesterday unveiled the first price list of 140 flats at Mori in Tuen Mun, with prices starting from HK$9,168 per square foot, a fresh eight-year low for the district.

The 140 flats cost between HK$3.125 million and HK$8.24 million after discounts, or HK$9,168 to HK$12,336 per sq ft.

The discounted average price of HK$11,088 per sq ft is about 11 percent lower than prices for Grand Jete's Phase 2 in the same area, which was launched in March at HK$12,509 per sq ft.

Mori's initial discounted prices are up to 20 percent cheaper than new and old homes in the area, and could spark a buying spree in the New Territories, according to Centaline Property.

Grand Jete's Phase 1 and 2, a collaborative effort between CK Asset (1113) and Sun Hung Kai Properties (0016), have sold 702 apartments to date.

In Pok Fu Lam, Chinachem's Victoria Coast has released its sales brochure, and show flats will be open to the public soon. All 118 apartments in the development will be offered for sale through a tender process.

In Fo Tan, Centralcon Properties's The Arles sold a two-bedroom unit and a three-bedroom unit for a total of HK$26.2 million.

In Mid-levels West, High Peak, a prime residential project from Asia Standard International (0129), ITC Properties (0199) and CSI Properties (0497), sold a four-bedroom flat through a tender for HK$270 million.

In Kowloon City, K&K Property's Sutton is poised to release its initial price list next week. The project plans to introduce an 85 percent loan-to-value ratio mortgage option for prospective three-bedroom buyers.

In the secondary market, a three-bedroom flat in Lohas Park sold for HK$6.48 million or HK$9,529 per sq ft, the lowest price in the district so far this year.

Meanwhile, the site in Kai Tak won by a consortium led by Sino Land (0083) is expected to cost HK$10.5 billion to develop, according to partner Great Eagle (0041).

In the rental market, SHKP put 180 more flats at Townplace West Kowloon for rent.

In the luxury market, Hong Kong recorded 42 deals valued at over US$10 million (HK$78.29 million) last quarter, down by 16 percent yearly, according to Knight Frank.

In other news, the Bank of East Asia (0023) will raise the ceiling on Hong Kong interbank offered rate-linked mortgages by 0.5 percentage points to 4.125 percent from Monday.