Prices slashed for Tuen Mun flats

CK Asset (1113) has slashed prices for 28 flats at phase 1 of the Grand Jete in Tuen Mun -- 23 of which are being relaunched for sale -- by as much as 28 percent.

The prices of these 28 flats have been reduced by 11 to 28 percent, leading to an average price of HK$12,176 per square foot after the discounts. The largest cut is for a one-bedroom apartment, with its price slashed from HK$5.4 million to HK$3.9 million.

Sales of the batch start on Sunday.

The project's phase 1, jointly developed by CKA and Sun Hung Kai Properties (0016), has allowed buyers to move in. However, buyers for 23 units broke off agreements and gave up deposits involving HK$12 million in total, local media reported. The 23 flats have now been put up for sale again as part of this phase 1 batch.

Elsewhere in Kai Tak, New World Development (0017) and Far East Consortium International (0035) plan to launch phase 1 of The Pavilia Forest as early as this quarter, offering 291 flats.

Also in Kai Tak, 108 units of KT Marina will be launched with an average price of HK$21,713 per sq ft after discounts. The project is jointly developed by K Wah International (0173), Wheelock Properties and China Overseas Land & Investment (0688).

In other news, Hong Kong recorded 36 transactions on homes worth at least US$10 million (HK$78 million) in the first quarter this year, according to Knight Frank's global super-prime intelligence report, more than double the 15 deals in the previous quarter. Annually, the city had 132 of these deals for the 12 months ending in March, remaining the top-ranking super-prime residential market in Asia.