Developer price cuts entice buyers into HK$20b spending spree
Major developers have raised more than HK$20 billion from home sales in three months after engaging in an intensified price war with the launch of new projects.
Sino Land associate director Victor Tin Sio-un said the company had sold 1,002 units at its joint-venture development Avenue in Wan Chai since it was launched in November. "We have raised more than HK$10 billion from the sales," he said.
Units at the Avenue, a joint venture with Hopewell and the Urban Renewal Authority, were offered at HK$18,771 per square foot, about 20 per cent below second-hand prices in the area.
Tin said more than 90 per cent of buyers opted for cash payment in order to enjoy a discount of 17.5 per cent.
Meanwhile, Nan Fung said it generated HK$4.5 billion from sales at two projects since November.
Chung Chi-lam, a general manager of the developer's property department, said it sold 765 units at the Visionary in Tung Chung, with the most expensive one selling for HK$21.05 million, or HK$15,036 per square foot.
It also sold 28 units at its Winfield luxury residential project in Happy Valley for HK$1.3 billion after it was relaunched last month with discounts of up to 21 per cent.
Chung said the highest transaction price at Winfield translated into HK$43,121 per square foot.
Henderson said it had sold 48 units for HK$420 million at its joint-venture Double Cove development in Ma On Shan after cutting prices by 10 per cent on Tuesday.
It sold 763 units at Double Cove, a joint venture also involving New World and the privately run Peterson Group, for a total of HK$5.42 billion since it was launched in September 2012.
Separately, Swire Properties leased a 5,188 sq ft unit with a garden at Opus near the Peak for HK$800,000 a month, 6 per cent less than the previous lease.
