Housing Society prices flats in Hong Kong’s Heya Delight up to 40pc lower than nearby project

Heya Delight project for local residents priced at up to 40pc below nearby Henderson Land flats

PUBLISHED : Thursday, 27 November, 2014, 1:29pm
UPDATED : Friday, 28 November, 2014, 2:57am

The Housing Society has priced the first batch of flats at its private residential project, Heya Delight, in Cheung Sha Wan at up to 40 per cent lower than a nearby project.

The society yesterday released the price list for 60 units at the project, which is restricted to Hong Kong residents. The prices range from HK$10,878 to HK$15,271 per square foot.

Louis Chan Wing-kit, the managing director of Centaline Property Agency's residential department, said Heya units were about 30 to 40 per cent cheaper than Henderson Land Development's High One in the neighbourhood.

High One units are going for HK$18,000 to HK$19,000 per square foot.

"The Housing Society is a statutory body, which is why it is offering units at lower prices to cater for genuine homebuyers," Chan said.

The society is also offering a 9 per cent discount to buyers who opt for cash payment.

The cheapest flat is a 518 sq ft unit on the eighth floor that is priced at HK$5.63 million before discount, or HK$10,878 per square foot in terms of saleable area. After discount, it will be HK$5.12 million, or HK$9,898 per square foot.

"The attractive launch price is likely to generate strong response when it goes on sale next week," said Sammy Po Siu-ming, the chief executive of Midland Realty's residential department.

The first batch of units, from 399 sq ft to 677 sq ft, have been priced between HK$5.14 million and HK$9.73 million.

No subsidies have been offered for stamp duties. The government had doubled stamp duties for repeat buyers, at up to 8.5 per cent for all units costing over HK$2 million, as a way of cooling the market.

The special stamp duty does not apply to first-time homebuyers.

The Housing Society has lined up banks to offer second mortgages of up to 20 per cent of the price on top of the usual 70 per cent mortgage loan as a way of helping first-time buyers.

Thomas Lam, the general manager of Henderson's sales department, said High One and Heya were two different projects catering to different clientele.

"It's hard to make a direct comparison," Lam said.

High One comprises 187 small units of 193 sq ft to 300 sq ft. The smallest units are the cheapest with prices of HK$3.07 million, or HK$15,788 per square foot.

Some of the smallest flats on upper floors are priced at HK$3.98 million, or HK$20,600 per square foot.

Located at 400 Castle Peak Road, Heya has 139 units.

The project will go on sale on December 6.

Only those with a Hong Kong identity card can buy, and are limited to one unit each.