Paliburg offers cut-price Park Royale units
Local developer Paliburg Holdings is offering 80 units at its Park Royale development in Yuen Long at prices starting from $1,988 per square foot - well below second-hand prices in the area.
The average price for the flats is $2,288 per square foot. Property agents said they expected a good response due to the low prices.
Earlier this month, Paliburg offered flats at $2,233 per square foot. That offer sold out, according to the developer.
Despite the downturn in the residential market, prices were not negotiable, agents said.
They said Paliburg was offering its flats at substantially reduced prices below the secondary market.
For example, a second-hand flat in Sun Hung Kai's Grand Del Sol development is selling for $2,600 per square foot.
A second-hand unit in Henderson Land's Hop Hick Plaza, also in Yuen Long, was selling for $2,150 per square foot, according to property agents.
The company also announced it would provide favourable payment terms for buyers, such as demanding a deposit down payment of just 5 per cent on a flat price.
The company was considering whether to put more flats on the market.