Sun Hung Kai Properties Wings II flats priced cheaper than planned
Li Ka-shing says home prices will remain stable in 2013, falling or rising at most by 10 per cent
Sun Hung Kai Properties yesterday priced the first 50 flats at The Wings II project at HK$10,688 per square foot, about a third lower than it originally intended, and also cheaper than the inaugural 50 flats the project's first phase sold in 2011.
The launch came as the city's richest man and property tycoon Li Ka-shing said home prices this year would remain largely stable, dropping or rising at the most by 10 per cent.
SHKP had previously said its target price tag for flats at The Wings II in Tseung Kwan O was HK$15,000 per square foot on gross floor area basis.
The final price of HK$10,688 represents a 15.8 per cent drop from the average price of HK$12,698 per square foot for the first 50 flats at the development's first phase sold in late 2011.
The Wings II is the second large residential project to announce a price list after the government imposed tightening measures such as the special stamp duty of 15 per cent on non-local and corporate buyers in October.
"Compared with the original target price of HK$15,000 per square foot, this price is much more attractive. Though secondary homes in the neighbourhood are priced around HK$7,000 to HK$8,000 per square foot, I think this price is okay and not too high," said Patrick Wong Chi-leung, a property analyst at BNP Paribas Securities (Asia).