Cheung Kong offering 15.75pc discount on City Point flats

Cheung Kong will release flats at discounts of up to 15.75 per cent at City Point in Tsuen Wan, the first housing estate to go on sale after the government proposed easing the terms of the double stamp duty.

The discounted prices are up to 24 per cent lower than the HK$12,000 per sq ft achieved in recent secondary-market transactions in the area.

Prices for the first batch of 350 units at the joint project with Nan Fung Development will be as low as HK$9,062 per square foot.

The cheapest flat being released for sale is a 483 sq ft unit with a balcony, priced at HK$4.5 million.

Justin Chiu, an executive director at Cheung Kong, said the City Point prices were attractive.

“We will offer the first batch of units at lower prices to attract market attention, and our clients can buy their homes at a happy price,” he said.

City Point, with 1,717 flats, is due to be completed in March next year.