Sun Hung Kai Properties (SHK) will sell the first batch of its luxury Villa Tiara development for $2,850 per square foot next month at prices slightly below the average market price for a second-hand flat in the Tuen Mun area, the company says.
SHK sales manager Alfred So defended the move saying sale prices in the second-hand market have increased 10 to 15 per cent in the area and have not kept pace with the overall 20 to 25 per cent increase in residential sale prices recorded elsewhere in the local market this year.
'The prices are lower because we want to secure sales,' Mr So said.
The company has announced that registration for the pre-sale of the 64 flats will be held between November 11 and 13 with the official launch three days later.
Beginning tomorrow, the public will be able to visit the furnished show flats in Villa Tiara on Castle Peak Road.
The development includes five blocks and 556 units which range in size from 606 sq ft to 794 sq ft.
There are 375 parking spaces being sold for between $260,000 and $300,000, the company said.
