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Swire Group

Tai Po flat prices cut after bids for Pak Shek Kok site don't meet reserve price

Sale of plot in Tai Po scrapped after developers' bids fail to meet reserve price

PUBLISHED : Tuesday, 18 March, 2014, 1:28pm
UPDATED : Thursday, 07 May, 2015, 4:01pm

Homeowners in Hong Kong wishing to sell their flats may be more willing to reduce their asking prices after the government withdrew a residential site in Tai Po from sale last week.

Property agents said a flat owner at Deerhill Bay in Tai Po had cut their asking price to HK$24 million from HK$27 million.

The owner of another flat, in The Beverly Hills, also in Tai Po, reduced their asking price by 7.7 per cent, to HK$18 million, after the site at Pak Shek Kok was withdrawn from sale.

The government said last week all seven bids for the site had been rejected after they failed to reach the reserve price.

The Tai Po site covers 204,516 square feet and could yield a total gross floor area of 715,806 sq ft.

It attracted bids from Sino Land, Cheung Kong, Great Eagle, Wheelock Properties, Sun Hung Kai Properties, New World Development and a consortium of Paliburg and Regal Hotels International.

In the new-home market, 34 units were sold last weekend, compared with 54 the previous weekend.

Swire Properties launched the sale of 30 flats in the first batch of units at Mount Parker Residences in Quarry Bay on Friday. The developer sold 19 flats on Friday and one at the weekend.

In the secondary market over the weekend, 18 homes were sold on the 10 largest residential estates tracked by Centaline Property Agency, compared with 16 the previous weekend.

According to Centaline, the latest Centa-City Leading Index of home prices dropped 0.71 per cent week on week to 117.18, the lowest level in the past 60 weeks. The index has fallen 1.6 per cent in the year to date.