Grand Yoho units to be offered for sale on Thursday

Sun Hung Kai Properties (SHKP), Hong Kong’s biggest developer, will start selling its Grand Yoho phase two development in Yuen Long on Thursday, making it the first primary project to be sold in 2017.

The company said 66 units at the development would be offered on Thursday evening.

On January 3, the developer surprised the market by announcing the price list of 166 units at the development, due to be completed as early as next month, at an average of HK$17,998 per square foot.

After factoring in rebates of as much as 19.5 per cent, SHKP said the average price has been reduced to HK$14,488 per sq ft.

The price, which sets a record in the Northwestern New Territories, is close to units at housing estates in urban areas such as Taikoo Shing, which average HK$15,114 per sq ft.

Developers are setting aggressive selling prices despite the government’s efforts to tame the city’s runaway real estate prices.

Another primary project One Kai Tak phase two development built on the city’s former airport site is expected to be offered for sale on Saturday, January 14.

The first 125 units of One Kai Tak Phase Two will be offered between HK$17,414 per square foot and up to HK$26,013 per sq ft.

After taking into account a 14.5 per cent rebate, the price will come down to HK$14,889 and HK$22,240 per sq ft.

The average discounted price was HK$17,500 per sq ft, about 22 per cent above the previous HK$14,400 per sq ft in August, according to the developer China Overseas Land & Investment.