Sun Hung Kai Properties has responded to a softening market by offering the first batch of 30 units in the sixth and final phase of its Park Island development in Ma Wan at lower-than-expected prices.
The developer said average prices for the 30 units at the 65-unit AnaCapri were HK$7,068 per square foot, 30 per cent lower than the developer's HK$10,000 per sqft target for standard units.
However, the price was still 28 per cent above the HK$5,500 per sqft average transaction price in the secondary market, agents said.
Units will be released for official sale on Saturday.
'The first batch is mainly aimed at luring existing residents and tenants at Park Island,' Victor Lui Ting, an executive director at Sun Hung Kai Real Estate Agency, said.
Prices for the remaining units were likely to increase by between 5 per cent and 10 per cent, he said. The company has registered more than 100 potential buyers for the units.