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Kenneth Ko

Sun Hung Kai Properties (SHKP) has announced a 33 per cent cut in prices of flats at its Symphony Bay development in Ma On Shan.

 The sharp reduction took the market by surprise, raising fears of a price war among developers, with thousands of units set to hit the market in the next few months.

 SHKP said it would release 86 units in Villa Rhapsody, the second phase development of Symphony Bay, at $4,958 per square foot for cash payments next week.

 This compared with the listed price of $7,400 per square foot for the 112 units in the first phase Villa Concerto development, launched in December.

 Only half of those units have been sold, despite SHKP offering extra sweeteners including free car-parking spaces and payment of the 2.75 per cent stamp duty.

 SHKP said the latest sale was launched at an exceptionally attractive price in a bid to attract buyers against the prevalent market sentiment.

 It was not known whether the price cut would be extended to those buyers who bought the Villa Concerto units at much higher prices.

 The price cut follows SHKP's move last month to halt construction work at more than 10 new projects.

 Analysts said SHKP was one of the last developers to join the price war. They said the latest cut could put further pressure on the secondary market prices and other developers' sales.

 Last month, SHKP sold luxury units at 22 Tung Shan Terrace in Stubbs Road, Mid-Levels, at sharply lower prices. It also offered remaining units in East Point City, Tseung Kwan O, at a discount.

 In the latest Symphony Bay sale, the offers of free car parking and payment of stamp-duty have been withdrawn.

 Buyers will be allowed to extend the date of completion for purchases by up to 12 months after occupation, although they will be charged interest on the balance at 2 percentage points above prime rate for the period.

 SHKP also offers a top-up mortgage of up to 15 per cent to buyers, while 10 banks have promised to providing ordinary mortgage facilities.

 The sale will take place on February 14. Registration for buyers will run from Monday to February 11.

 Developers are keen to speed up cash returns from sales through various discounts, as funding costs are rising.

 Sino Land has a residential project in To Kwa Wan ready for pre-sale, while Henderson Land is waiting for government consent to pre-sell nearly 10,000 units.

 SHKP's other forthcoming projects include Hillview Court, on Clear Water Bay, and Poseidon Coast, on Castle Peak Road, which together provide about 1,000 units.



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