City Point pricing won't undercut secondary market, property agents say

Guessing how Cheung Kong will price City Point, the housing estate in Tsuen Wan it plans to launch with Nan Fung soon, has been a popular game recently for property agents such as Eva Tse.

"The project has more than 1,700 units. The developer will probably offer a big price range for various potential buyers. But I believe they will not undercut secondary home prices," said Tse, assistant sales director of Centaline Property Agency's Tsuen Wan and Belvedere branch.

"This is the first large-scale residential launch in Tsuen Wan since the launch of Vision City [by Sino Land] in 2006. There are quite a large number of families in the district who want to upgrade their living areas. They are eyeing the project," she said.

"The developer can find buying support if the price is at par with the secondary market."

Tse guessed the selling price would compare with nearby Chelsea Court in Yeung Uk Road, where transaction prices ranged from HK$8,500 to HK$11,000 per square foot.

But the price range could be wider, depending on the flats' views. Agents said some two-bedroom units of the development facing a cemetery will be priced at HK$8,000 to HK$8,500 per square foot, comparable to adjacent Riviera Gardens, which was built more than 30 years ago.

Many of the four-bedroom flats have a sea view and may cost more than HK$10,000 per square foot, Tse estimated.