The first price list for the new Yuen Long development by Star Properties, adjacent to the MTR Long Ping Station in Yuen Long, was released today. The lowest price in Hong Kong in four months is the lowest admission fee for a new development in Hong Kong, with 64 units at a discounted price of less than $9 million. Demonstration units will be available tomorrow and tickets will be collected in time for the sale to commence within the month.
Mr Chan Man-fai, Chairman and Chief Executive Officer of Star Properties, said the opening price reflects the quality of the project and market conditions, and described the price as restrained and slightly lower than new developments in the same area.
The first batch of units after the rain, comprising 68 units with saleable areas ranging from 276 to 717 square feet and offering open plan to 3-bedroom partitions, are priced between $3,958,800 and $11,455,000 at $13,388 to $16,336 per square foot discounted, with the average price of the entire price list at $14,491 per square foot discounted.
The flat on the 5th floor is Room H, with a saleable area of 276 square feet, an open-plan unit, at a discounted price of $3,958,700 per square foot and $14,343 per square foot.
The flat with the lowest price per square foot is Flat J on 5/F, with a saleable area of 592 sq ft, 2 bedrooms and a study room, at a discounted price of $7,925,900, or $13,388 per square foot.
For reference, the most recent new development in Yuen Long in recent years is PARK YOHO BOLOGNA under SHKP, which launched its first price list of 50 units in October 21 at a discounted average price of $13,088 per square foot, with open-plan units (saleable area of 279 square feet) starting at a discounted price of $3,989,900.
Parklane I and II at Kam Sheung Road Station, developed by Sino Land and others, announced their first price list in April and May last year at an average price of $17,608 and $17,898 per square foot. The YOHO Hub in Yuen Long Town Centre of SHKP will launch its first batch of 206 units in December 2021 at a discounted average price of $19,899 per square foot, or $6.85 million for a one-bedroom apartment.
Rainy Queen is located near Long Ping Station. For reference, Chinachem Development's Long City Lodge announced the first batch of 144 units in October 2018 at a discounted average price of $15,832 per square foot, with one-bedroom units starting at a discounted price of $4.8 million. In other words, the opening price after the rain is about 8.5% lower than the price of new flats in the same area more than four years ago.
Centaline's Chan Wing-kit said that in the face of competition from other new developments, Rainy Queen's opening price is considered restrained and 15% lower than that of the first batch of flats in the same district, which is expected to attract both up-cycling and tenant intake.