Analysts expect big demand for new flats in Discovery Bay

Developer HKR International has launched its latest luxury project, Amalfi in Discovery Bay, and property analysts expect the flats will be snapped up due to limited new supply in the area.

"It has been five years since the last new residential project was launched in Discovery Bay so demand for this new development is strong," said Simon Lee Wai-ling, an assistant regional associate director at Centaline Property Agency.

"The development offers many four-bedroom units of more than 2,000 square feet, which is very rare in the area. They come with balconies too," he said. Some of the larger apartments in the development are expected to be priced at HK$20,000 per square foot or higher.

Located at 8 Amalfi Drive, atop a hill in Yi Pak Bay, the development comprises three mid-rise blocks that provide 164 flats, ranging from one to four bedrooms and between 661 and 3,264 square feet in terms of gross floor area.

HKR International last week issued a price list for the first 50 flats to be released. They are priced at HK$6,989 to HK$15,800 per square foot, with the average asking price per square foot HK$9,711. Prices range from HK$4.62 million for a 661 sq ft flat to nearly HK$36.5 million for a 2,310 sq ft apartment.

Seventy-two flats have been sold, and HKR said the average price of sea-view apartments was HK$10,700 per square foot, against HK$7,100 per square foot for those with a mountain view.

Lee said Discovery Bay was attractive to homebuyers, including expatriates, who preferred a spacious living environment. It was also attractive to airline crew members, being close to the airport, and to investors who were after stable rental incomes.