A new luxury residential project in Ho Man Tin is selling for an average of HK$36,600 per square foot, or HK$32,000 after a maximum discount of 12.5 percent, the Hong Kong Economic Journal reported Tuesday.
The discounted price is still more than 60 percent above the price of home units in the secondary market in the same district, the newspaper said.
The developer Sun Hung Kai Properties Ltd. (00016.HK) is rolling out 52 units for the first batch, which is expected to generate HK$3 billion, according to SHKP deputy managing director Lui Ting.
Each prospective buyer, including corporates, can submit two orders from Tuesday. Sales details will be disclosed in a few days.
Several home owners in the area seized the chance to raise the asking price for their secondary units by 10 percent, the report said.
Economist Andy Kwan Cheuk-chiu said developers are likely to set prices more aggressively with luxury homes another rising 4 to 5 percent by the end of the third quarter.
Translation by Vey Wong
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