Sun Hung Kai Properties (SHKP) has admitted overstating the value of 1,400 flats in its Park Island development.
On Thursday, it claimed the flats had an average price of HK$3,300 per square foot.
But calculations based on the price list released the following day showed the actual average price was about HK$2,600 per square foot. Last night, SHKP blamed a breakdown in internal communications.
Widespread scepticism greeted the developer's claim amid market confusion on the actual prices achieved at the Park Island project in Ma Wan. On Saturday, the first day of the public sale, SHKP sold about 1,800 units - including the 1,400 units in question - a remarkable success considering the sluggish market.
Yesterday, an SHKP official said the average price for the public sale was less than HK$3,000 per square foot.
The overall average price of the entire 2,569-unit project, including about 770 units sold earlier through internal sales, was HK$3,300 per square foot, the official said. The internal-sale units were sold at between HK$3,000 and HK$3,500 per square foot.
