Henderson Land offers cheapest new flat seen in Hong Kong for over a year as property market continues to struggle
- Henderson Land Development set the starting price for One Innovale-Cabanna in the Northern Metropolis, Fanling, at just HK$2.76 million
- The Northern Metropolis Development is a priority project for the Hong Kong Government, aimed at providing more affordable housing
Hong Kong will see the cheapest new property launch since September 2021 at just HK$2.76 million (US$351,616), as developers fall over themselves to offer low-priced, small flats amid a prolonged downturn in home prices.
Henderson Land Development on Friday set the starting price for One Innovale-Cabanna in the Northern Metropolis, Fanling, New Territories at just HK$2.76 million for 186 sq ft of space.
“The new development has the lowest entry price after Artique in Sheung Shui in September last year at HK$2.43 million,” said Louis Chan, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline Property Agency. “It will be rather attractive to first-time buyers.”
The Northern Metropolis Development is a priority project for the Hong Kong Government, aimed at providing more housing and transforming the city into a more liveable and affordable metropolis.
At these lower prices, buyers can access much older flats in the secondary market.
For HK$2.6 million, one can buy a 32-year-old public housing estate unit measuring 264 sq ft at Wah Ming Estate’s Shun Ming House in Fanling, according to an online listing by Centaline. For HK$2.75 million, buyers can snap up a 54-year-old flat measuring 211 sq ft in Cheong Fai Mansion, western Kowloon.