In a break from the trend by developers to release smaller new homes, Sun Hung Kai Properties has launched a low-density riverside luxury residential project in Yuen Long that may appeal to those looking to upgrade to larger houses.
The launch of Riva comes amid the release of a large supply of new flats in single residential blocks in Kowloon offering units of 300 to 700 sq ft.
"Riva is the biggest residential project offering large flats, villas and houses to be released in Yuen Long this year," said Frankie Lam, sales manager at Hong Kong Property Services' Yuen Long branch.
The location has its critics, however, and Chinese-language newspaper Apple Daily reported on Monday that there was a foul smell in the area that appeared to be coming from the Kam Tin River, on whose banks Riva is located.
The South China Morning Post visited the site yesterday, but detected no evidence that the river was polluted or producing a foul smell. However, some units that face onto the nearby Tsing Long Highway will look onto a large power transmission tower opposite the development.
SHKP last week released a price list of the first batch of 50 homes to be released at Riva. The average price of the homes is HK$17,152 per sq ft on the basis of saleable floor area, or HK$12,747 per sq ft of gross floor area. The developer plans to offer the homes for sale this week.
Thirty of the 50 homes are five-bedroomed flats with a gross floor area of 1,587 to 1,640 sq ft. They will sell for between HK$18.02 million and HK$21.99 million, or HK$11,357 sq ft to HK$13,049 sq ft in terms of gross floor area.
Also on sale are eight villas with gross floor area of between 1,056 sq ft and 1,995 sq ft, and price tags of between HK$11.93 million and HK$24.89 million, or HK$10,724 per sq ft to HK$14,869 per sq ft of gross floor area. The villas come with 700-plus sq ft gardens, a 150-plus sq ft flat roof or a 468 sq ft rooftop.
The remaining 12 are houses ranging in size from 2,592 sq ft to 3,466 sq ft and priced at HK$33.82 million to HK$50.21 million, or HK$13,001 per sq ft to HK$14,489 per sq ft in terms of gross floor area. Prices for each standard unit and villa include one parking space.
Each house features a flat roof of 50 sq ft to 273 sq ft; a 305 sq ft to 516 sq ft roof area; an 80 sq ft yard area and a garden of between 597 sq ft and 1,176 sq ft. Some have a swimming pool or jacuzzi.
Buyers of standard flats and villas will save HK$1 million, equivalent to a 5 per cent discount on the flat prices, if they give up the parking space.
SHKP will also offer a cash rebate equivalent to 3.88 per cent of the flat price for purchasers who settle the balance of 85 per cent of the purchase price within 150 days of signing a preliminary sale and purchase agreement.
The Riva homes are slated for completion by year's end.