Hysan cuts price of luxury flats by 16pc

PUBLISHED : Thursday, 27 August, 1998, 12:00am
UPDATED : Thursday, 27 August, 1998, 12:00am

Hysan Development has sold seven of nine luxury flats in Happy Valley at an average price of $5,000 per square foot - 16 per cent less than the original asking price.

Property agents said Hysan was asking $5,500-$6,800 per square foot for the flats when they were put onto the market last weekend.

Each of the nine flats measured either 2,913 sq ft or 2,938 sq ft and all offered good sea views, agents said.

Hysan said that, while the sale prices were lower than hoped for, it was happy with the results of the sale.

'We are delighted that 80 per cent of the vacant units have been successfully sold within five days,' said Dickie Wong, Hysan senior general manager.

'The average selling prices were reasonable,' he said.

Senior marketing and promotions manager for Hysan Development Sandra Lee said the average asking price of $6,000 was just a target.

'We had no price list,' she said. 'We think the prices we achieved were reasonable for this market.' About 160 people visited the flats on Broadwood Road, with six people putting in bids over the weekend.

Ms Lee said Hysan had been eager to conclude negotiations on the sales within a couple of days, even if the prices were less than hoped for.

'In this type of market, it doesn't make sense to prolong negotiations,' she said.

Hysan was keen to conclude negotiations for fear of buyers being lured away by rivals.