Hong Kong developer Billion fails to sell a single flat at The Horizon project in Tai Po
- Not a single transaction was completed for any of the 283 flats on offer at The Horizon and Centra Horizon in Pak Shek Kok as of 8pm on Friday
- The units, ranging from 407 square feet to 1,866 sq ft, were on sale from HK$13,339 (US$1,700) per square foot to HK$22,368 per square foot
Homebuyers stayed away from the sale of leftover flats at a project in Tai Po on Friday, the 25th anniversary of the city’s handover to China and the first day in office of Chief Executive John Lee.
As of 8pm, none of the 283 flats on offer at The Horizon and Centra Horizon in Pak Shek Kok, New Territories, by Billion Development and Project Management, was sold. Another 161 units were also available through tender in the first two phases. The project was first launched in 2018.
“Actually there is no new stock, so the sales were expected to be lacklustre,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.
The units, ranging from 727 square feet to 1,866 sq ft, were offered from HK$13,339 (US$1,700) per square foot to HK$22,368 per square foot, with discounts of up to 6 per cent.
Billion Development could not be reached for comment.
The latest launch came after the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, last month raised rates in tune with the US Federal Reserve.
