Discovery Park gets consent for pre-sale

PUBLISHED : Wednesday, 28 August, 1996, 12:00am
UPDATED : Wednesday, 28 August, 1996, 12:00am

New World Development and HKR International have received the long-awaited pre-sale consent for the first phase of their joint venture residential development Discovery Park in Tsuen Wan.


An HKR spokesman said the first batch of units would go on sale next month after the developers finalised the price and the number of units offered in the first public launch.


Estate agents forecast the average selling price for the project at between $4,700 and $5,200 per square foot, or about 12 to 15 per cent above secondary market prices for neighbouring older projects such as Luk Yeung Sun Chuen and Tsuen King Garden.


Transacted prices for units in Luk Yeung Sun Chuen, a large residential project above the Tsuen Wan MTR station, were $4,300 per sq ft and those in Tsuen King Garden were $4,100 per sq ft, estate agents said.


The first phase of Discovery Park consists of four high-rise residential towers with a total of 1,120 units set for completion in early 1997.


The whole project will be 12 residential towers with 3,360 units and a 466,400 sq ft shopping centre.


Centaline Property Agency's Tsuen King branch sales supervisor Ray Ng Yuk-yu said the sales response to Discovery Park would be strong as it was the first new large-scale residential project to come on the market in recent years.