Park Island prices lower than expected

PUBLISHED : Thursday, 01 March, 2012, 12:00am
UPDATED : Thursday, 01 March, 2012, 12:00am


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.

Angel Wan, a senior manager at Centaline Property Agency's Park Island branch, said all units offered sea views and were just a few minutes' walk from the ferry pier.

'We have received many reservations from existing owners who want to trade up for bigger units at Park Island,' she said.

Taking into account common areas and balconies, the gross area of the first 30 units put on sale ranges from 1,137 sqft to 1,300 sqft.

According to the price list, units are being offered for pre-sale at between HK$6,946 per sqft and HK$7,514 per sqft or HK$7.89 million and HK$9.76 million.

Last week, Lui said standard units would be released for HK$10,000 per sqft upwards, with special and duplex units selling for at least HK$18,000 per sqft.

AnaCapri comprises 65 units in three seven-storey blocks. The 11 ground-floor units include garden areas ranging from 689 sqft to 4,393 sq ft but have not yet been released for sale. Six of them also come with private pools. The project is due to be completed early next year.