The spotlight on the primary property market has shifted from Kowloon to the New Territories where several new projects are now coming on stream, beginning with New World Development's Emerald Green in Yuen Long, which launched yesterday.
New World offered the first batch of 30 units in Emerald Green at an average price of HK$2,929 per square foot, or a premium of between 20 per cent and 30 per cent over the average prices at which flats in comparable neighbouring projects are exchanging hands in the secondary market.
The cheapest unit is a 686 square foot flat priced at HK$1.77 million, or HK$2,580 per square foot.
Property agents said the Emerald Green prices appeared attractive when compared to the average prices of HK$4,200 and HK$6,500 per square foot, respectively fetched by units sold in newly released i-home and Florient Rise, both located in Tai Kok Tsui in West Kowloon.
But prices in the New Territories had traditionally been some 30 to 60 per cent lower than Hong Kong Island prices, and the current ample supply in the primary and secondary market listings of relatively young projects in the area had put significant downward pressure on prices, they added.
To be finished by the end of August next year, Emerald Green comprises 672 units located in five blocks. Sizes range from 686 sq ft units to 1,448 sq ft flats with four bedrooms including two en suite rooms - a rare feature.
The project offers clubhouse facilities including a barbecue site, a swimming pool, gym room and banquet hall. Its efficiency rate, or the percentage of useable private space, is 75.8 per cent to 76.9 per cent - lower than similar projects in the district which stands at about 80 per cent.