New flat in Marin Point, Sha Tau Kok, priced above HK$9 million
Far East Consortium has priced the flats at up to HK$17,815 per sq ft, reflecting a rise in property values in the northwestern New Territories
A new apartment complex in a frontier town in the New Territories is offering a 593 square foot unit for HK$9.6 million, highlighting the pressure on the city’s next administration to rein in runaway home prices.
Far East Consortium International unveiled its new project, Marin Point, in Sha Tau Kok in the northwestern New Territories on Tuesday. The development, the first in the fenced-off area in 17 years, has priced its flats in a range between HK$10,196 per square foot and HK$17,815 per sq ft.
The first batch to go on sale comprises 57 units, with an average price of HK$10,175 per sq ft after discount. The 593 sq ft apartment priced at HK$9.6 million is the most expensive in the development.
While we used to think that projects in the New Territories are relatively low in class and quality, there are now many upscale ones entering the market
Only Sha Tau Kok residents are permitted to purchase units in the project because of the town’s special status as a frontier closed area, or divided border town.
It was originally established to prevent migrants from the mainland and smuggled goods from making their way across the border in the 1950s.
The high price of Marin Point reflects a broader trend of rising property values in the northwest of Hong Kong. In recent years, homebuilders have been keen to develop more upscale projects in the New Territories.
Thomas Lam, a senior director at Knight Frank, said units in the New Territories are now often priced in the vicinity of HK$14,000 per sq ft.