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Swire Group

No price war for Swire at Mount Parker Residences

Developer is offering discounts of 4.25pc, far short of the 20pc cuts at rival projects

PUBLISHED : Tuesday, 11 March, 2014, 2:00pm
UPDATED : Thursday, 07 May, 2015, 4:01pm

Unlike rival luxury home developers with numerous large projects due for launch, Swire Properties won't be taking part in a price war.

Prices at its completed residential project, Mount Parker Residences in Quarry Bay, could set a record in the district.

The first batch of 30 units at the 92-unit development have been priced between HK$21,244 and HK$28,311 per square foot.

At present, the record for the most expensive unit in Quarry Bay is held by a 1,015 sq ft flat at Banyan Mansion in Swire's 40-year-old Taikoo Shing estate. It changed hands for HK$22 million, or HK$21,675 per sq ft, in December.

"Different developers have different pricing strategies, and more importantly, it will be determined by their stocks on hand," said Alex Yau, an associate director at Midland Realty's Island East branch.

While other developers have launched their new projects with attractive incentives at steep discounts of about 20 per cent, Swire is offering just 4.25 per cent off the list price for buyers who sign the preliminary agreement for sale and purchase on or before April 30.

The first 10 buyers will also enjoy a 4.25 per cent cut in the flat price as a cash rebate on the double stamp duty and a 10.75 per cent cash rebate on buyer's stamp duty if applicable. So only those buyers will enjoy an effective discount of up to 19.25 per cent, while the rest will receive only the first 4.25 per cent off.

Yau said the launch prices indicated Swire was not in a hurry to offload all the units.

"There are always buyers who are looking for a quality project with unique design and privacy rather than just the price," he said.

Adrian To, residential portfolio director at Swire Properties, said the pricing at Mount Parker Residences was done with reference to secondary transaction prices at nearby Swire projects and those in Mid-Levels, such as Argenta and Azura.

"It is a market price," To said.

In January, a 616 sq ft unit at 10-year-old The Orchards, a Swire-built project near Mount Parker Residences, changed hands for HK$8.5 million, or HK$13,799 per sq ft, according to Midland Realty's website.

Last month, an 862 sq ft unit at the 12-year-old Les Saisons, also a Swire project, in Sai Wan Ho was sold for HK$14.1 million, or HK$16,357 per sq ft, according to Centaline Property Agency's website.

The minimum price of a 1,245 sq ft unit on the second floor of Mount Parker Residences is HK$22.95 million after deducting all discounts, compared with a list price of HK$28.69 million.

The most expensive flat, a 1,242 sq ft unit on the 18th floor, is priced at HK$28.12 million, compared with a list price of HK$35.16 million.