Cheung Kong (Holdings) has promised to offer a price discount for the upcoming sale of the Cairnhill project in Tsuen Wan as competition for buyers escalates.
This follows the discount sales last week of rival residential projects Rambler Crest in Tsing Yi and Seaview Crescent in Tung Chung.
The Cairnhill project, a joint venture with Sino Land, is to be released for sale later this month.
Cheung Kong sales manager Francis Wong said a substantial discount would be given to buyers of the initial batch of units. 'The exact price will be released next week, targeting about $3,800 per square foot. We will give buyers attractive discounts, but it should not be lower than $3,000 per square foot.'
The project is due for completion in July next year.
The 770-unit, two-phase Cairnhill project has 1,216 sqft and 2,963 sqft flats. Cheung Kong plans to launch 142 units in the first release this month.
Last Thursday, Hutchison Whampoa released 12 units at Rambler Crest at a below-market price of $1,688 per square foot, followed by New World Development offering 16 units at Seaview Crescent at $1,783 per square foot.