And HK$6m, 400 sq ft flat takes itself seriously
The high-end Queen's Cube development in Wan Chai has little in common with the fictional King's Cube in Sham Shui Po - except both offer small living spaces at exorbitant prices.
'Obviously, there is a problem with subdivided flats and charging high rates per square foot but this needs to be addressed by a comprehensive social-housing policy by the government,' said Nan Fung Group managing director Donald Choi Wun-hing. 'Why would people associate King's Cube with Queen's Cube? I don't see it.'
His company joined forces with the Urban Renewal Authority to develop the site on Queen's Road East, but the venture, with the tagline 'orchestrate a beautiful life' has been regarded as a failure. Just nine of the 92 units have sold since October.
Choi confirmed yesterday that all the unsold flats had been taken off the market because the URA, which owns the site, was re-evaluating the prices of the flats. The units range from 401 sq ft studios, with a saleable area of 275 sq ft including balcony, to 582 sq ft one-bedroom flats. The studios cost around HK$6 million.
Choi said the poor sales were due, in part, to public perception: 'People were not convinced that it could be a high-quality development but I see it differently. We put in a lot of heart with the design.'
He said the valuation process should be finalised next month and a new marketing campaign for the flats would follow.