DISAPPOINTED by the result of the government land sale at Tai Po last week, developers Kerry Group and Nan Fung Development have cut the price of flats in their joint-venture Rich-wood Park by about eight per cent in a bid to attract home buyers.
A spokesman for Nan Fung said 53 units of the fourth phase of Richwood Park would be offered to the public today on a first come, first served basis.
The selling price would average $3,464 per square foot, about eight per cent lower than the last offering of between $3,750 and $3,800 per square foot and 26 per cent down from the first sale in December last year.
Estate agents said the price of the units was approaching development cost, expected to be about $3,000 per square foot. It indicated that developers' earnings from the project had been pared by the bout of price cutting.
Richwood Park is in an emerging luxury area in Tai Po overlooking Tolo Harbour.
The project, comprising 217 units, consists of 16 four-storey blocks and 10 three-storey detached houses.
Units for the latest sale measure from 732 to 1,616 sq ft.
