Sun Hung Kai Properties adopts premium pricing strategy for Regency Bay, tags it 40 per cent higher than new projects in Tuen Mun
- Regency Bay residential development in Tuen Mun is priced at HK$17,377 (US$2,241) per square foot after discount
- Flats at Wing Tai Properties’ Oma by the Sea, launched in May, are 38.5 per cent cheaper than Regency Bay
The developer has priced the first batch of 88 flats at its Regency Bay residential development at HK$17,377 (US$2,241) per square foot after discount, the highest among new projects launched in the district recently. Prices start at HK$4.68 million after discounts for a flat measuring 261 sq ft. SHKP has yet to announce the sales launch date of the flats.
“The developer is testing waters [as] it is the first new project priced amid the third wave of coronavirus outbreak,” said Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency. “The pricing of the first batch is aggressive.”
Meanwhile, used homes in Tuen Mun average HK$11,738 per square foot, about 48 per cent cheaper than Regency Bay, according to Centaline.
The price reflects the seaviews from the project, said Amy Teo, general manager of Sun Hung Kai Real Estate Agency. She added that she was not worried about the sales as many of the developments in Tuen Mun are old.