Cheung Kong (Holdings) will launch the latest phase of its Lohas Park project in Tseung Kwan O at prices near or below those of existing flats in the area.
The developer yesterday released the price list for the first batch of 108 units at La Splendeur at an average HK$5,941 per square foot in terms of gross floor area. It will be HK$5,584 per square foot for cash buyers.
Cheung Kong Real Estate's director Francis Wong See-chung said the prices were attractive as some flats on the secondary market in the area traded at more than HK$6,000 per square foot and above HK$7,000 for some three and four-bedroom units.
Prices of the 108 flats, sized between 805 and 1,330 sq ft, with three or four bedrooms, range from HK$4.54 million to HK$8.38 million.
The flats go on sale on Friday.
'The prices are similar to those of the secondary flats at Le Prime and Le Prestige in the same project, which are selling at HK$5,300 per square foot,' said Sam Cheung Kwok-fung, an assistant sales director at Hong Kong Property. 'They are also lower than some secondary flats in Tseung Kwan O. The market was expecting prices of HK$6,800 to HK$7,100.'
Cheung said sales at La Splendeur would cause a sharp fall in the number of transactions on the secondary market because of the project's prices and wider choice.