Sunshine City flats sale off to gloomy start for Henderson

Kenneth Ko

HENDERSON Land Development Co has sold less than 30 per cent of the 68 flats being offered at the latest sale of its Sunshine City development in Ma On Shan.

Only 19 flats were sold since the sale started on Saturday.

The flats were priced at an average of $5,577 a square foot, down eight per cent from the highest price for Sunshine City flats in March.

Property agents said the poor sales reflected dampened buying interest in the project, the price of which had jumped sharply in the first three months of this year.

Leung Chi-man, senior sales manager of Ricacorp in Sha Tin, said many home-seekers preferred to buy Sunshine City flats in the secondary market.

Prices in the secondary market were about $4,500 and $4,600 a square foot, a large discount to the developer's price, he said.

He reckoned that recent buyers were basically end-users because speculators generally had shunned the falling market.

Yesterday, Cheung Kong (Holdings) started registering buyers for 128 flats being offered in the fourth phase of Laguna City in Kwun Tong.

Property agents estimated that about 60 people had registered for the sale on the first day. Registration continues until tomorrow.

They said more people were expected to register.

The flats are priced at an average of $6,100 a square foot. The sales results will be taken as an indicator for the residential market, which has seen a price fall of more than 10 per cent since early last month.

To attract buyers, Cheung Kong is offering preferential payment terms, including providing mortgage finance of up to 85 per cent of a flat's price.