SHKP's Riva units on offer at 15pc below market prices

Sun Hung Kai Properties launched the latest batch of 152 units at its luxury Riva residential project in Yuen Long at prices that were up to 15 per cent below the current prices in the area.

Units on offer were priced at HK$7,583 and HK$10,884 per square foot, compared with a recent transaction price of HK$9,216 per square foot at the one-year-old One Regent Place in the area.

"The launch price was unbelievably low. It shows projects in inferior locations will be hit the hardest due to a dramatic change in market sentiment," one analyst said.

The latest prices are also far below the average price of HK$12,268 per square foot achieved by the Riva project in March last year. Two villas were sold at about HK$30 million to HK$40 million each back then.

SHKP said yesterday that it would offer discounts of 5 per cent to buyers who opt for cash payment and up to 3 per cent to SHKP club members, and a 70 per cent subsidy on stamp duties.

The cheapest on offer is a 559 square feet unit on the second floor at HK$4.23 million, or HK$7,583 per square foot.