‘Micro home’ developer says it will relaunch stalled Tuen Mun project next month
- •Jiayuan International, developer of the 356-unit T Plus, may slash prices by up to 15 per cent in April relaunch, analysts say
Mainland developer Jiayuan International says it will relaunch its “micro home” residential building in Tuen Mun around the middle of April, offering few details apart from a pledge to give homebuyers a “surprise” in the project, which remains 99 per cent unsold.
Analysts said prices at the 356-flat T Plus, which is slated for completion in September, might be slashed by up to 15 per cent.
Of 27 flats on offer only two were sold during a marketing launch on December 8, as the project competes with a high volume of new supply in Tuen Mun.
The project featured homes in layouts as small as 128 sq ft priced from around HK$2.85 million (US$363,291).
“The time of launch … will be as soon as possible. As soon as when we make the launch, you will have a surprise,” said Alex Kwong, project general manager at Jiayuan.
Kwong said T Plus suffered from an ill-timed release of new flats, adding that a chill descended over the city’s housing market such that “no project sold very well”.