WHILE other developers have been slashing prices, Henderson Land yesterday announced it would increase its prices by five per cent for 52 additional apartments in its Sunshine City development at Ma On Shan.
Elsewhere in the territory, developments such as China Light and Power's Kar Wun Court in Tai Kok Tsui, and Henderson's Wing Fai Mansion in Hunghom, have seen prices slide up to 30 per cent in the past six months.
Even though a seven-day registration for the first 68 units in Block G Sunshine City was not due to end until today, a spokesman for Henderson Land said yesterday the company would offer the additional 52 flats at $4,288 per square foot.
This was about five per cent up from the $4,100 for the current offering, but was still 12.5 per cent below the batch offered in September.
The additional 52 means 120 Block G units will be released on Sunday.
Real estate agents expect that, lured by the substantial cut in selling prices, buyers will give a good reception to the sale.
The project in the past week has attracted thousands of potential home-buyers to its show flats in Ma On Shan.
The Henderson spokesman said the company was considering release of four more upper floors in Winsome Park, at Mid-Levels.
Selling prices would be retained at the level of the last offering - $6,870 per sq ft, with car spaces unchanged at $800,000, he said.
In the face of the quiet home market, property developers are rushing to cut prices and launch various incentives to speed sales of residential projects.
However, there was still no guarantee of sales response, as demonstrated by the sales of China Light and Power's Kar Wun Court, poorly located in Tai Kok Tsui area.
The 15-storey residential block, with 30 units, received poor response with only four units sold when launched in March at an average of $4,150 per sq ft.
The project was released again last month at $3,600 per sq ft, representing a 15 per cent reduction, but so far only a total of eight units in the tower have sold.
Another example is Henderson's Wing Fai Mansion. The project is selling at $4,400 per sq ft, which is about 30 per cent below the highest price achieved in March when the market peaked.