Developer first to reveal breakdown in price list
Homebuyers of a New World Development project in Kowloon City will need to pay as much as HK$1.68 million, or 20 per cent of the price of their flats, for common areas such as refuse and pump rooms.
It was the first time a developer has disclosed the detailed breakdown of each unit in terms of gross floor, saleable and common areas - a result of increasing request from buyers and market watchers to improve transparency.
New World said in a price list released yesterday that it would offer the first batch of 22 units at Prince Ritz, at 448 Prince Edward Road West, for an average of HK$6,301 per square foot.
The project has 110 units, with gross floor areas ranging between 738 and 1,144 square feet and selling for between HK$4.22 million and HK$7.77 million.
Based on the price list, a 1,144 square feet unit needs to contribute 248 square feet of common area, while a 738 square feet unit has to share 160 square feet of common area. This means buyers will need to pay HK$915,800 to HK$1.68 million for common areas alone, depending on the size and location of their flats.