South Horizons prices cut in wake of new property measures
THE first flats in the final phase of the South Horizons development in Ap Lei Chau are to be offered at $5,112 a square foot gross - down 10.3 per cent from the price set in March.
The development is the first major sale of new flats since the Government released its measures aimed at cooling the property market.
The price cut was in line with the fall in price in the secondary market, property agents said.
As well as cutting the price, the sales agent, Hutchison Whampoa Property, will restrict supply to just 80 units, against previous releases of typically 200 or 300 units.
It would attempt to attract buyers with access to 85 per cent mortgages, said Tso Kai-sum, the company's managing director. The company is selling the units on behalf of the developing consortium.
Mr Tso said the limited sales would test the water after recent market uncertainties, although overall, he said, ''I am very confident''.
