Hong Kong's two largest developers are releasing units at their Vianni Cove project in Tin Shui Wai at 'a historic low price,' fuelling fears of a new price war.
The first batch of eight units at the joint venture between Cheung Kong (Holdings) and Sun Hung Kai Properties (SHKP) was priced at an average of HK$1,313 per square foot for cash payment.
Agents said the price was 10 per cent below secondary market values and represented the lowest initial offer for a new residential sale since the Asian financial crisis.
The lowest-priced 714 square foot two-bedroom unit in the offering is just HK$949,000.
The discount pricing also puts less distance between Hong Kong and Shenzhen flat prices.
Agents said average flat prices in Shenzhen ranged between HK$600 and HK$800 per square foot, while top-grade apartments fetched about HK$1,000 per square foot.
