Swire slashes new flat prices by a fifth in Hong Kong’s prime Mid-Levels area

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Swire’s Alassio (show room shown on left), situated at 100 Caine Road, was nearly a fifth lower than The Morgan at 31 Conduit Road, when it was launched at a discounted average price of HK$32,000 per sq ft last month.

Published: 8:17pm, 7 Apr 2016Updated: 9:57pm, 7 Apr 2016

A price war among desperate developers is moving to the city’s prime areas, with Swire Properties pitching its new project in West Mid-Levels at about 20 per cent lower than a rival development nearby.

While Sun Hung Kai Properties, Wheelock Properties and Kerry Properties are slashing prices in Ho Man Tin, Swire’s deep discount brings the price war to the heart of Hong Kong Island.

Swire Properties released the price list for the first batch of 50 flats at its Alassio project. The prices vary between HK$24,577 to HK$30,396 per square foot, or HK$14.8 million to HK$27.39 million. Buyers will get a 4.25 per cent discount if they purchase one unit and 5 per cent for two. The developer will also provide up to 7.5 per cent cash rebate to offset the stamp duty.

Factoring in the discounts, the average price of the flats, ranging from 581 to 922 sq ft, would come to HK$25,816 per sq ft.

“The low price reflects the highly competitive primary market,” said Raymond Li, a senior sales director at Centaline Property Agency’s Mid-Levels branch.

He said the average price at Alassio, situated at 100 Caine Road, was nearly a fifth lower than The Morgan at 31 Conduit Road, when it was launched at a discounted average price of HK$32,000 per sq ft last month.