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Sandy Li

Competition among property firms has intensified, with Cheung Kong (Holdings) set to offer its  development in Tin Shui Wai at more than 10 per cent below secondary-market prices to undercut a rival project in Yuen Long.
As Cheung Kong releases the first batch of 24 units at its 1,068-unit Central Park Towers,  Phase II, in Tin Shui Wai, it is selling the cheapest unit at HK$2,066 per square foot compared with the average secondary-market price of HK$2,470 per square foot in Phase I.
While the average price for the 24 units at Central Park Towers is HK$2,205 per square foot, the cheapest unit is being offered at HK$1.36 million.
'It is a surprisingly low price and the first time since Sars that a developer is selling units in a new project at a rate  below secondary-market prices,' said Willy Liu Wai-keung, a managing director of Ricacorp Properties. Cheung Kong was adopting a fire-sale strategy to generate volumes, he said.
Mr Liu expects Central Park Towers to start official sales  this week.
The offer comes on heels of rival New World Development offering yesterday the first batch of 30 units in 672-unit Emerald Green in Yuen Long at an average price of HK$2,929 per square foot - 20 to 30 per cent below the current prices in the area.
 About 150 units at Emerald Green  have been sold at HK$2,600 to HK$4,000 per square foot so far.
Analysts said developers were seeking a low-price strategy as  1,740 units would be put up for sale in Yuen Long and Tin Shui Wai this week.
Richard Lee Chi-shing, the chief executive of Hong Kong Property Services,  said Cheung Kong's strategy would attract market attention and draw buyers away from other developments.
'If it gets a strong response, the developer will increase prices for the following batch,' he said.
He said he believed Cheung Kong could raise prices by 10 to 15 per cent for the remaining units if the price cuts achieved the desired result.
Ng Wai-kwok, deputy sales manager at Midland Realty's Tin Shui Wai branch, said the development had elicited considerable interest. 'We have received enquiries from some investors who wanted to buy two or three units,' he said.



New homes offered at big discounts