Latest tiny flat project in Ho Man Tin offers 181 sq ft unit for HK$3.74 million
A day after the US Federal Reserve decided not to increase interest rates, Henderson Land Development released a tiny flat development in Ho Man Tin with the cheapest unit going for HK$3.74 million, the lowest lump sum amount in the area.
The developer announced prices of ranging from HK$19,354 to HK$24,232 per square foot for the first batch of 68 units at Seven Victory Avenue, with unit sizes ranging from 180 to 390 square feet. The tiniest flat in the project, measuring 161 square feet, is not included in the first batch.
Factoring in discounts of as much as 5 per cent, the prices of the units will drop to HK$18,386 to HK$23,020 per square foot, or HK$3.74 million to HK$8.09 million.
The cheapest flat is a third floor 181 square foot unit, which comes with a 22 square foot balcony, for HK$3.94 million, or HK$21,790 per square foot. The price will be reduced to HK$3.74 million after a 5 per cent discount.
“It is probably the smallest amount for a new flat in Ho Man Tin,” said Sammy Po, chief executive at Midland Realty’s residential department.
The average discounted price was HK$20,493 per square foot, about 5 per cent higher than flats at Three Julia Avenue, which were offered at HK$19,600 per square foot. But units at Three Julia Avenue start from 500 square feet, or HK$10 million.
Po said small flats could achieve higher prices per square foot as the lump sum amount would be smaller.
“Small flats will attract a high degree of investor interest as [they achieve] better rentals than large-sized units,” he said.
The 250-flat development at Seven Victory Avenue is expected to be completed on the last day of 2018. Show flats for the project – a 191 square foot and a 263 square foot unit - opened for general public viewing on Friday afternoon.
The developer hasn’t finalised the official sale date but it is most likely October 1.
Separately, the Centa-City Leading Index, which tracks secondary home prices at 100 estates, showed prices edging up 1.56 per cent week on week to 138.7 for the week to September 18. It also indicated home prices had fallen 5.5 per cent from September’s peak.