Heya Green flats debut on market

PUBLISHED : Tuesday, 22 May, 2012, 12:00am
UPDATED : Tuesday, 22 May, 2012, 12:00am


The Housing Society is set to sell the first batch of flats at its new private residential project Heya Green in Sham Shui Po for between HK$4 million and nearly HK$7 million, but only to locals.

The average price for the first 60 units, at HK$7,700 per sq ft, is about 15 per cent lower than new flats in the neighbourhood and similar to the prices of some newer units in the secondary market, analysts say.

But some flat-hunters think Heya Green, developed by the statutory body which also offers subsidised flats, is still too expensive.

'I don't think the discount is big, given that it is developed by the [society] and not a private developer,' said Joyce Kwock, a property analyst at Credit Suisse.

'I'd say the flats are set at market prices,' she said. 'I think it's fairly priced. It is located in the urban area and is about 15 per cent cheaper than flats at Sino Land's Park Summit, which was launched with prices from HK$9,000 per sq ft.'

Cindy Kwong, who lives with her husband in a 527 sq ft flat in Tseung Kwan O and hopes to buy a larger three-bedroom flat in central Kowloon, said the Heya Green flats were costlier than expected. 'A 777 square foot unit would cost over HK$6 million. I think this is quite pricey for a Housing Society project and I can't afford it,' she said.

The Housing Society will only sell the flats to those carrying a Hong Kong identity card - with young couples and families being targeted - but not corporate buyers. Each client can only purchase one unit, and there is no restriction on reselling.

Of the first 60 units, the cheapest is 570 sq ft with a price tag of more than HK$3.99 million, or HK$7,007 per sq ft in terms of gross floor area. The most expensive unit, at 777 sq ft, is priced at more than HK$6.84 million, or HK$8,804 per sq ft.

Arthur Tang Chun-man, an assistant district manager at Ricacorp Properties, said Heya's prices were reasonable because the average price of secondary homes at private estates such as Banyan Garden and Liberte in Cheung Sha Wan was more than HK$7,000 per sq ft.

Situated at 18 Po On Road, the two Heya Green towers offer a total of 327 flats. About 80 per cent of them will be two-bedroom flats ranging from 570 to 634 square feet. Other units are sized 777 sq ft and above, including seven units measuring 1,800 sq ft.

Heya, among the six projects developed by the society and the Urban Renewal Authority, is set to be completed by the end of next year. About 23,000 people have visited since show flats opened on Saturday.


The area, in sq ft, of some of the biggest units in the Housing Society's Heya Green residential towers