Harbour Park, a new apartment complex developed by Hong Kong Ferry Co. Ltd. (00050.HK) in Cheung Sha Wan, is expected to offer small units at prices below HK$3 million, its sales agent Henderson Land Development Co. Ltd. (00012.HK) said.
The first batch of at least 50 units will be launched on Friday, with special concessions to be offered to buyers who will start repaying mortgages immediately.
The development provides 161 units, mainly studio and one-bedroom flats with sizes ranging from 183 square feet to 286 sq ft.
The entire project is scheduled be completed in March 2018.
In view of the rising supply of new homes and prevailing conditions in the market, Henderson Land has decided to set the price levels less aggressively, general manager for sales Lam Tat-man said.
In his policy address on Wednesday, Chief Executive Leung Chun-ying said his administration will pursue efforts to increase home supply and bring down property prices.
But Lam urged the government to review existing curbs in a timely manner.
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