Cheung Kong (Holdings) will offer the first batch of its Ma On Shan residential project at lower than expected prices in a bid to drum up home sales during the 'golden week' holiday starting next Friday.
The first batch of 108 flats at Oceanaire, about five minutes' walk from Heng On Station on the Ma On Shan rail line, will be launched at an average of HK$6,438 per square foot on a staggered payment basis.
Buyers have to pay 30 per cent of the flat's value as an initial deposit and the remaining 70 per cent can be deferred until the development is due for completion in November next year.
The asking prices are from 2 per cent to 28 per cent higher than the average HK$5,000 to HK$6,300 per square foot asking price in the secondary market in the area, according to Centaline Property Agency.
'The offer price is below our expectation of HK$8,000 per square foot,' said Janny Leung, an assistant sales manager at Midland Realty's Ma On Shan branch.
Prices of the flats, which range in size from 974 to 1,267 sq ft, go from HK$4.87 million to HK$9.1 million, or between HK$5,003 and HK$7,316 per square foot.
