Small flats to go on sale at Lohas Park at some of the lowest per-square-foot prices this year for homes near MTR stations
Families looking for larger homes are willing to pay up to 31 per cent more in August than in March at what will grow to be Hong Kong’s largest residential development by 2025.
Nan Fung Development is getting ready to sell a batch of small flats at Lohas Park in the New Territories at some of the lowest per-square-foot prices for homes near MTR stations this year.
That is despite developers netting the biggest run-up in prices on larger homes at the massive residential community in Tseung Kwan O.
The units at LP6, which will go on sale at a yet-to-be-announced date in September, are geared towards young property investors. Seven out of every 10 flats will either be one or two bedrooms.
“Most flats at LP6 are small flats worth less than HK$6 million (US$760,000) each, so they need a lower down payment and can attract interest from young buyers looking to get on the property ladder,” said Oscar O, deputy regional sales manager at Centaline Property Agency.
The average price of the first batch of 487 flats at LP6 will be HK$15,304 per square foot – about 3 per cent lower than the average overall price of units at the nearby Malibu residential project.
The new offerings come as data show that developers have been setting their prices for new three-bedroom flats at Lohas Park higher – in some case by as much as 30 per cent since March.
Those larger flats are aimed at families, many of whom are moving up from smaller places and are attracted to the plan for Lohas Park to become an eco-friendly community near the waterfront filled with green spaces, cafes, pedestrian flyovers and a shopping mall.