Small Hong Kong developers lure buyers with special home designs

At a time when price discounts and tax subsidies have become the norm for developers to draw buyers to new projects, Hanison Construction Holdings is banking on the additional attraction of a "modern London home" concept of spacious double-bedroom units to win home sales.

Hanison, spun off from HKR International for a separate stock listing in 2002, plans to launch the Austine Place, a 42-unit single-block development on Kwun Chung Street in Jordan on Sunday. Ten units will be offered for sale in the first batch.

Hanison's launch comes as other major developers including Wheelock Properties, Kerry Properties, Nan Fung Development and Henderson Land Development are also offering new projects across the city.

"The market has plenty of supply, but there is a lack of flats with big bedrooms," said Hanison's executive director, Matthew Chow Ka-fung, who sees it as an opportunity for the company to differentiate its products.

Property agents said developers had been looking for ways to stand out in the competition as the market was about to be awash with fresh supply.

"Pricing, however, is still the No1 factor influencing buying decision," said Sammy Po Siu-ming, the chief executive of Midland Realty's residential department.