New residential flats in Hong Kong have been getting smaller in recent years. And the city’s business tycoon Li Ka-shing has set a new record in making them really tiny.
Cheung Kong Holdings on Thursday unveiled the pricing for the first batch of 290 tiny flats in Mont Vert in Tai Po, RTHK reported.
The developer launched 43 open studios, with saleable area of 194 to 195 square feet. And the lowest price for the flat is HK$1.946 million excluding discount of up to 15 percent, the report said. That translates into HK$10,031 (US$1,286) per square feet.
Also, the developer is offering 20 two-room flats with saleable area of 492 square feet; the flat is priced at HK$4.41 million to HK$4.82 million.
There are also 197 three-room flats with saleable area of 741 to 945 square feet. Prices range from HK$6.24 million to HK$10.24 million before discount.
The offer price of the first batch of flats is 30 percent lower than other new flats in the same area, the report quoted Cheung Kong executive director Justin Chiu Kwok-hung as saying.
Chiu attributed the low prices to low land costs and construction costs, the report said.
However, Chiu is not worried about any speculation on the new flats, saying speculators left market after the government rolled out the double stamp duty.
Chiu remains “positive” on the property market outlook and expects housing prices to creep up in coming months amid continued low interest rate and inflow of hot money, the report said.
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