• Wed
  • Dec 24, 2014
  • Updated: 6:13am

Cheung Kong

Hutchison Whampoa, one of Hong Kong’s largest listed companies, is controlled by  Cheung Kong Group, a property company. Hutchison's operations span ports, property and hotels, retailing, power generation and telecommunications. It owns Cheung Kong Infrastructure, and  is headed by Li Ka-shing, Asia’s wealthiest man. 

PropertyHong Kong & China
HONG KONG RESIDENTIAL

Mont Vert flat cheapest new home at HK$1.94m

PUBLISHED : Thursday, 17 July, 2014, 3:44pm
UPDATED : Thursday, 17 July, 2014, 3:49pm

A studio flat at Mont Vert in Tai Po is the cheapest new home available for sale in Hong Kong, at HK$1.94 million, according to the price list Cheung Kong released on Thursday for the first batch of units at the development.

The tiny flat has a saleable area of only 194 square feet, which works out to HK$10,031 per sq ft. The smallest, 177 sq ft, unit is not included in the first batch.

Of the 260 units on offer, 43 are studio flats, 20 are two-bedroom units and 197 are three-bedroom units. They are priced at between HK$8,961 and HK$11,162 per sq ft.

The studio flats range in size from 194 sq ft to 195 sq ft and are priced between HK$1.94 million and HK$2.1 million each.

After discounts adding up to as much as 15 per cent, the lowest price for a studio flat is HK$1.65 million. 

“The stunning low price is because of the low land cost. The site was farmland converted to residential use,” said Justin Chiu Kwok-hung, an executive director of Cheung Kong.

“In addition, we secured a lower construction cost, as the contract was awarded several years ago.”

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This article is now closed to comments

whoaman
'THE STUNNING LOW PRICE' ??!!?? What an a***ole this Justin guy is!
And it's not only farmland, it was green belt (butterfly preserve) - only Superman (LKS) can suck in the government to get land like this. He should be on trial with the Kwok brothers.
eduret66@yahoo.com
HK$10,000/sq ft the cheapest flat???? Just the smallest one!!!!!!
Knowing families or 3/4 will move in, it will be smaller than any single cell prison.
Just imagine 2 kids trying to do their home work in such space: No social ladder guaranteed for all our kids. Then Superman doesn't understand why populism is getting so popular among HK people! Maybe he should move in with few family members to experience what we live everyday!!!!

johnyuan
For me I attribute Hong Kong’s skewed property development besides being once a Brit’s colony that can’t tax people (no representation no tax principle), the refugee culture plays a very important part. A shelter for any price mentality permeates among even the third generation of refugee in securing a sense of security through a concrete match box this time.
.
It is a predatory behavior of LKS who knows better than any other refugee the unmitigating need for a sense of security in a city of refugees. LKS makes a bundle so he himself can do something else.
caractacus
Buy now before prices go even higher! The same old con trick by property developers with the same old collusion by the government and predatory banks.
sipsip1238
So they are taking the strategy of reducing nominal value to make people feel like it's cheaper...sadly...there will always be desperate people who want to become "homeowners" who end up leveraging more than they should to buy it.
impala
I remain most intrigued by the kitchen. There is a sink, but there definitely isn't enough space left for a stove and a fridge. Perhaps one of the two, but certainly not both. So how can anyone cook there?

And don't say that they can just go and eat out, because this Mont Vert place is as remote as it gets in Hong Kong. It is literally at the end of the road in the farthest corner of Tai Po. The closest neighbours its residents will have are the factories of the Tai Po industrial estate.

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