Visionary buyers to get deep discounts

Nan Fung Development will offer the first batch of 318 units at the Visionary development in Tung Chung at discounts of up to 22 per cent as it seeks to compete for buyers amid a downturn in the property market.

To drum up sales, the developer will offer 10 per cent off for buyers who opt for cash payment, plus 3 per cent of extra discounts and a 9 per cent subsidy to help them meet stamp duty payments.

The average price for the first batch of flats is HK$9,686 per square foot, in line with transaction prices in the secondary market.

"After the discounts, prices will go down to HK$7,600 per square foot, which is 10 per cent below the current transaction prices in the area," said Sammy Po, a director at Midland Realty.

Inclusive of the discounts, a 1,034 sqft unit on the third floor of Block 8 will be pitched for HK$7.08 million, or HK$6,855 per square foot, making it the cheapest flat by price per square foot in the first batch.

The price per square foot would be 13 per cent below the current average transaction price of HK$7,910 per square foot at Caribbean Coast, a 10-year-old development opposite the Visionary.