Hong Kong property

Far East Consortium’s new flats in Sha Tau Kok to be priced according to nearby projects

Developer will use new projects in northwestern New Territories as a reference for pricing Marin Point

PUBLISHED : Wednesday, 14 December, 2016, 6:55pm
UPDATED : Wednesday, 14 December, 2016, 10:26pm

Far East Consortium International plans to use new projects in the northwestern New Territories as a reference for pricing its development in the frontier town Sha Tau Kok.

Allen Fong Chun, group senior sales and marketing director, said the Hong Kong developer would also consider the Marin Point project’s quality and conditions when finalising the pricing strategy.

“As it is Sha Tau Kok’s first new project in the past 13 years, and there have been no transactions in the secondary market over the past two years, we have to take more time and effort to work out the prices. But our pricing will be attractive and affordable, ” he said.

Units at existing three-storey village houses currently go for HK$4,500 to HK$5,000 per square foot in the area.

The Marin Point, comprising 261 units, is expected to be launched in the first quarter of next year and is scheduled for completion in October, 2018.

Units between 270 and 600 square feet are housed in four six-storey residential blocks.

Fong said the project would be exclusively for people in possession of residence permits and proof that they reside in Sha Tau Kok, about 10 minutes drive from Fanling MTR station.

It means only existing residents or tenants are eligible buyers for Marin Point, he said.

“There are more than 3,000 households in Sha Tau Kok and a build-up strong demand among upgraders and extended families. Our project will be the only one with a residents’ club and should appeal to prospective buyers,” he said.

In October, 2013, Far East beat three competitors to win the residential site in Sha Tau Kok for HK$143 million, or HK$1,195 per square foot.

The other bidders included Sino Land and Wang On Group.