Builders seek premium for new launches as they cash in on record property prices in Hong Kong
Sun Hung Kai Properties and Kerry Properties launch first projects of the year in Ma On Shan and Ho Man Tin
With Hong Kong property prices showing no signs of slowing down, developers are taking advantage of the uptrend and pricing new projects at a premium.
Sun Hung Kai Properties (SHKP) on Wednesday was first off the blocks this year with a new project in Ma On Shan, pricing it nearly 17 per cent higher than secondary market transactions in the area, while Kerry Properties raised prices for its luxury scheme in Ho Man Tin by 2 per cent.
SHKP said the St Barths development, comprising 353 units ranging from one to four bedroom flats, will be offered at an average price of HK$16,988 per square foot.
In response to SHKP’s launch, Henderson Land Development raised prices for Double Cove, close to St Barths, by as much as 13 per cent to between HK$16,000 and HK$18,000 per sq ft.
Argus Mak, director at Centaline Property Agency’s Ma On Shan branch, said that since the project is located along the waterfront and close to Ma On Shan MTR station, “sales of the first batch should face no difficulties”.