22pc discount to secondary market helps Nan Fung sell Tung Chung flats

Nan Fung Development yesterday launched sales of a first batch of 318 flats at its project The Visionary in Tung Chung on Lantau Island, seeking to lure buyers with price discounts.

Both would-be buyers and agents hoping to strike a deal queued up at the sales office in Kowloon Bay yesterday, and by 9pm 276 flats had been sold.

Nan Fung Development managing director Donald Choi Wun-hing said the firm would consider launching a second batch of flats for sale soon.

More than 3,200 buyers had previously registered for the flats, which Nan Fung said were on sale at up to 22 per cent below prevailing secondary market prices in the area - 10 per cent off for cash buyers, plus 3 per cent off in additional discounts and another 9 per cent off to help buyers meet stamp duty payments.After the discounts, the average price of the flats was HK$7,672 per square foot. The cheapest flat on sale cost HK$4.19 million.

One buyer, who is currently living in a Home Ownership Scheme flat in Tung Chung, paid HK$7 million for a flat at The Visionary.

"The price was a bit expensive, but I still bought the new flat to improve my living standards," he said.

Another purchaser paid HK$14 million for a four-bedroom apartment. She said she was not worried about the property price falling as she bought it to live in long term.

One husband and wife, who are living in Kowloon, bought a flat with two bedrooms. The husband said they would stay in the flat for holidays after retirement.

"The property price is stable now," he added. "People should buy a flat if they can afford it, despite the stamp duty cost."

Meanwhile, developers Sino Land and Hopewell completed the second round of registration for would-be buyers of flats at The Avenue in Wan Chai, where sales start today. More than 3,500 interested buyers signed up. Only 3 per cent of applicants registered under company names.