A three-bedroom unit in Whampoa Garden has been leased for HK$18,000 a month, the first time this year for a unit of such size in the Hung Hom development to be offered below HK$20,000.
The rent is 21.7 percent below the market rate of HK$23,000 per month for similar units in the area, the Hong Kong Economic Journal reported on Thursday.
The landlord had initially asked for HK$28,000 for the 814 square foot unit.
The HK$18,000 rent translates into a per square foot price of HK$22.1, 35 percent below the average of HK$34 in the development.
Whampoa has about 30 to 40 units for rent with landlords having cut their asking prices by 5 to 8 percent.
Meanwhile, more transactions of secondary homes across the city have been recorded at prices below market levels.
A three-bedroom unit in Chi Fu Fa Yuen on Hong Kong Island was sold 10 percent below the market price, while a two-bedroom unit in Vianni Cove in Tin Shui Wai changed hands at a price 5.1 percent lower than the market level.
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