Flat prices hit 8-year low in market shocker

Cici Cao

Road King Infrastructure (1098) yesterday launched 70 flats at Mori in Tuen Mun at an average price of HK$9,175 per square foot after discounts - an eight-year low for new home prices in the city.

The average price is also 17 percent lower than the first batch in September last year.

The 70 flats include four open flats, 27 one-bedroom and 39 two-bedroom units, with home sizes ranging from 291 to 586 sq ft.

Road King Infrastructure head of sales and marketing Ngan King-fung described the price list as a "chill" price, saying the discounted price "is enough to shock the market."

This came as Midland Realty recorded 1,597 deals by mainland buyers in both new and secondary markets in November, up by 52 percent month on month, hitting a seven-month high.

Chief analyst Buggle Lau Ka-fai said the rise is driven by the government's favorable mortgage policies alongside the expansion of investment immigration schemes to luxury properties.

In Tuen Mun, Oma Oma developed by Wing Tai Properties (0369) sold one 1,161-sq-ft flat by tender for HK$13.6 million, with an average price of HK$11,714 per sq ft.

The price is nearly 40 percent lower than similar-type flats in the project three years ago.

On the Peak, Wheelock Properties' 77/79 Peak Road will roll out a 6,257-sq-ft flat by tender next Tuesday.

The project involves eight flats, with sizes ranging from 6,061 to 8,139 sq ft. The developer has sold five since February 2021, cashing in HK$2.98 billion.

In Kai Tak, the Pavilia Forest, co-developed by New World Development (0017) and Far East Consortium International (0035) said buyers can get a HK$128,000 discount on the selling price from this Saturday to January 5 next year.

The project has sold 501 units so far, cashing in over HK$3.4 billion.

Also in Kai Tak, Pano Harbour, developed by China Resources Land (Overseas) and Poly Property (0119), sold a three-bedroom flat for HK$65.43 million. The project has sold 301 units so far, cashing in over HK$12.3 billion.

In other news, Hysan Development (0014) and Chinachem Group held a summit on sustainable construction, highlighting their Lee Garden Eight project in Causeway Bay as an example.