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Henderson Land Development

Henderson Land Development Co. Ltd. (HK stock code 0012) is a Hong Kong-based property company and constituent of the benchmark Hang Seng Index. Henderson Land focuses on property development and investment, project management, construction, hotel operation, department store operation, finance, investment holding and infrastructure. 

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Henderson Land, New World price flats at The Reach in Yuen Long

Offering of 516 flats is the largest since new law on sales practices took effect last month

PUBLISHED : Wednesday, 22 May, 2013, 12:00am
UPDATED : Wednesday, 22 May, 2013, 5:29am

Henderson Land Development and New World Development released a price list for 516 units in their Yuen Long project yesterday, the largest sale of flats since a new law on sales practices took effect last month.

The flats at The Reach were offered at HK$10,086 per square foot of saleable area, meaning the firms are asking from HK$3.55 million to HK$8.19 million per flat, as their saleable area ranges from 355 sq ft to 659 sq ft.

Of the 516 units, 202 were offered for sale for the first time.

Thomas Lam Tat-man, Henderson Land's general manager of sales, said a new sales brochure for the project had been prepared and would comply with the new law.

Some of the residential project's flats would have a saleable area that was less than what had been detailed in earlier marketing material.

There should be a difference of about eight to 10 sq ft per unit, or as much as 76 sq ft for a duplex. The definition of saleable area no longer includes the exterior wall and staircase

"There should be a difference of about eight to 10 sq ft per unit, or as much as 76 sq ft for a duplex," he said. "The definition of saleable area no longer includes the exterior wall and staircase."

Lam said there had been no complaints from buyers who purchased homes at The Reach before the law took effect.

He said the lump-sum prices of the flats had not changed compared with their earlier offer prices, even though the saleable areas listed may be smaller now.

A government spokeswoman said yesterday the Sales of First-hand Residential Properties Authority had not received any complaints related to saleable area. She said the agency would try to finish its assessment of the sales brochure, price list and sales arrangements of The Reach as soon as possible.

The Reach is the fourth residential project put on the market since the new ordinance on first-hand flat sales took effect on April 29.

Since some of the project's flats were first offered for sale in February, 1,517 of its 2,580 flats have been sold, generating HK$6.09 billion for the two property developers.

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