Nano flats sell for HK$3m as property prices predicted to soar 20 per cent in 2018
Miles from the centre of the city, there are 63 new units available, with the developer offering 85 per cent mortgages
Small certainly doesn’t come cheap, when it comes to Hong Kong property.
A block full of tiny flats in Yuen Long – a new town far from the centre of the city – are being sold for at least HK$2.99 million (US$383,000) per unit, making it one of the most expensive nano units in the Northwest New Territories.
Riding on the improved sentiment in the housing sector, developers Henderson Land Development and New World Development have announced the new price list of their jointly owned 63 unit-Park Reach in Yuen Long at an average price of more than HK$15,000 per square foot. After a maximum discount of five per cent, selling price is averaged at HK$14,975 per sq ft.
The price is 10.5 per cent higher than the average price of the 50 Hong Kong housing estates tracked by Ricacorp Properties.
Property consultants, however, expect buyers to be attracted by the lump sum and home mortgage arrangements being offered by the developers. The developers are agreeing to lend up to 85 per cent of the flat’s value.
“As home prices have risen at such a rapid pace, there aren’t too many flats being sold below HK$3 million,” said Louis Chan Wing-kit, Centaline’s managing director for residential department.