Henderson Land to unveil tiny flats in North Point amid Hong Kong’s hot property market

Henderson Land is set to launch its One Prestige development in North Point, which will offer some of the smallest but most expensive flats in the area.

One Prestige is expected to begin its first round of sales in the coming week or two, after releasing the price list for 50 flats in its first batch, including a unit only 163 sq ft in size – the tiniest on Hong Kong Island.

The developer put a price tag of HK$3.9 million, or HK$23,975 per sq ft, on the 163 sq ft flat on the 5th floor. One Prestige flats will range from 163 to 170 sq ft, and cost between HK$3.87 million to HK$4.78 million, an average of HK$25,248 per sq ft. After factoring a maximum of 5 per cent discount, the average price would be HK$24,000 per sq ft.

Henderson Land’s wholly owned financial company will provide a loan of up to 80 per cent of the flat’s value.

However, the development’s management fee is between HK$5.6 to HK$5.7 per square foot, but could be as high as HK$7.6, so even for the smallest flat, buyers may be charged up to HK$1,238 per month.

The cheapest flat in One Prestige’s initial batch is over HK$22,000 per sq ft, 25.5 per cent higher than the most expensive flats nearby, which range between HK$13,000 to HK$20,000 per sq ft. One Prestige’s cheapest flat, with a unit size of 166 sq ft, will sell for HK$3.87 million, or HK$3.67 million after factoring in the 5 per cent discount, the smallest lump sum for a flat on Hong Kong Island in the past 10 months.