Major developers have intensified a price war offering discounts to match those offered on Thursday by Hutchison Whampoa at a Tsing Yi Island project.
Marking a new low for the residential market, developers have cut prices by up to 20 per cent in the latest discounting exercise in a bid to shift their large unsold inventory and entice wary first time buyers.
New World Development and Henderson Land Development yesterday cut the price of units at the Tung Chung project, Seaview Crescent, on Lantau by 10 per cent to compete with Hutchison's Rambler Crest sale.
Sixteen units are on offer at an average $1,783 per square foot, 10.85 per cent below the $2,000 average for blocks one to three.
The price-cut sale came after Hutchison released the first 12 units at Rambler Crest for public sale at $1,688 per square foot, more than 20 per cent below neighbouring projects.
Although the Tsing Yi and Tung Chung projects were separated by only one stop on the Mass Transit Railway line the timing of the price cuts was simply a coincidence, said Barbara Ho, sales and marketing manager at New World.