Cheung Kong prepares to offer 165 sq ft flats
Small units see strong demand but luxury estate in Mid-Levels has no takers
Property prices continue to rise, but sizes appear to be heading in the opposite direction.
Developer Cheung Kong is set to unveil Hong Kong's tiniest flat - at just 165 sq ft - at its Mont Vert project in Tai Po.
And with the latest figures showing prices rising for five consecutive months up to August - and analysts confident this will continue despite any fallout from Occupy Central - more tiny flats are likely to be on the way as developers cash in on a strong demand for small units.
"The general public can hardly afford spacious homes anymore," said Patrick Chow, the head of research at Ricacorp Properties.
His assessment was backed up after Swire Properties said yesterday that no buyers had registered for the third batch of 22 flats at its 127-unit luxury residential project Arezzo in the Mid-Levels that go on sale today. This is the first new development that has failed to register any potential buyers ahead of the official sale.
The flats, ranging from 916 to 1,306 sq ft, are being offered for HK$30.9 million to HK$43.89 million.
Before the Occupy protests began, Swire sold 62 units for HK$1.6 billion.