New Novo Land flats 15pc cheaper than a year ago

Staff reporter

Sun Hung Kai Properties (0016) unveiled the first price list for phase 3B of Novo Land in Tuen Mun yesterday, offering 154 flats about 15 percent cheaper on average than a year ago.

The flats cost an average of HK$11,598 per square foot after discounts, 14.7 percent lower compared to prices in phase 2A, which was launched in May last year.

They are also cheaper than the four batches of the project launched in the past two years.

SHKP deputy managing director Victor Lui Ting expects the flats to be popular among homebuyers, as they have been priced at market levels.

The 154 flats cost between HK$2.98 million and HK$6.34 million after discounts of as much as 15 percent and comprise 10 studios, 10 one-bedroom, 114 two-bedroom and 20 three-bedroom units, with sizes ranging from 252 to 543 sq ft.

After discounts, the cheapest studio is priced at HK$2.98 million, or HK$11,856 per sq ft. The one-bedroom costs HK$3.66 million, or HK$12,068 per sq ft, or more. The prices of two- and three-bedroom units start from HK$4.81 million and HK$6.08 million respectively.

SHKP also offers a wide range of mortgage loan options, including a leveraged plan that allows buyers to borrow up to 125 percent of the price of the new flat, if they already own an existing property.

Andy Chan Hon-lun, general manager of sales and marketing at Sun Hung Kai Real Estate Agency, said that show flats will open today and subscriptions will start next week.

Phase 3B offers 769 flats, with two-bedroom flats accounting for 47 percent of the total.

Elsewhere in Jordan, CSI Properties (0497) released the fourth price list of Topside Residences, involving 26 flats.

The latest batch, covering one-bedroom and two-bedroom apartments, costs between HK$5.29 million and HK$9.85 million after discounts of as high as 15 percent. Their sizes vary from 269 to 416 sq ft.

CSI executive director Barry Ho Lok-fai also said that 27 units will be put for sale on Saturday. The project has sold 124 flats since the launch at the end of April.

Remaining cautious about the market, CSI priced the first batch of the redevelopment project in a densely populated urban area at an average of HK$19,388 per sq ft, which is 19 percent cheaper than a nearby project launched four years ago.

In other news, Henderson Land Development (0012) started the first round of sales of The Haddon in Hung Hom yesterday, involving 63 flats in price lists and five special homes by tender.