How low can you go? Hong Kong developer prices The Uppland in Tuen Mun at 2016 level
- ‘Toy king’ Francis Choi’s Early Light prices new flats in Gold Coast Bay The Uppland in Tuen Mun at an average of HK$9,988 (US$1,280) per square foot
A Hong Kong developer has priced a new project in the New Territories at an eight-year low, as companies press on with their low-price strategy to entice buyers amid a slump in market sentiment and a slowdown in transactions.
Early Light International (Holdings), which is controlled by billionaire “toy king” Francis Choi Chee-ming, on Monday released the price list of the first 139 units of Gold Coast Bay The Uppland in Tuen Mun at an average of HK$9,988 (US$1,280) per square foot.
Nan Fung Group, which launched the nearby Ori in September 2016, priced the first batch of 134 flats at HK$8,826 per square foot.
The Uppland’s price list includes 72 studios, 58 one-bedroom units and nine two-bedroom flats, with areas ranging from 206 to 444 sq ft. The cheapest unit, a 206 sq ft studio, is priced at HK$1.84 million, or HK$8,942 per square foot, rising to HK$4.37 million for the biggest flat.
The Uppland, comprising two residential buildings with a total of 692 units, is 33 per cent cheaper than the first batch of flats at the nearby Skypoint Royale project developed by Hong Kong Ferry and Empire Group.
Early Light said on Monday that it had taken into account the prices of nearby projects and lived-in homes in the district to arrive at the pricing.