A number of new developments in the urban area have joined the price reduction war as developers intensify their efforts to remove the stock. Following the recent price reduction of 10% for Hung Hom's Baker Place - Welcome Club, the single-block development in Kwun Tong, a joint venture between Lai Sun and the URA, Bal Residence, updated its No.1 price list yesterday, reducing the price of 27 units by 5% to 9%, with a discounted average price of $17,364 per square foot, which is about 11% lower than the discounted average price of $19,554 in the first price list launched a fortnight ago.
According to Mr. Poon Yui Man, Senior Vice President of Lai Sun Development, Bal Residence has announced special price adjustments for some units in response to market demand and changes. The price of all 27 units on the 5th, 9th, 10th and 15th floors of the updated 1A price list has been adjusted by 5% to 9% compared to the previous price list, with 18 units below $6 million after discount. Among them, 7 units on the 9th floor have been reduced by 9%, followed by the 10th and 15th floors with an 8% reduction and the 5th floor with a 5% reduction.
The 27 units with saleable area ranging from 338 to 349 square feet, all of which are 1-bedroom units, are priced between $5,516,500 and $6,405,200 after a maximum discount of 11.75%, with a discounted price of $16,044 to $18,595 per square foot.
The discounted price of Room A on the 5th floor, with a saleable area of 338 square feet and a 1-bedroom partition, was reduced from $5,806,900 to $5,516,500 at a discounted price of $16,321 per square foot, a 5% reduction. The lowest price per square foot was for Room B on the 5th floor, with a saleable area of 345 square feet, at a discounted price of $5.535 million, or $16,044 per square foot.
Mr Poon added that the price is based on the special market price of a new flat in the same district, and the Bal Residence is a short-term uncompleted flat, which is now in the demolition stage and is expected to receive the occupation permit shortly.
Bal Residence, a single block property located at 18 Heng On Street, Kwun Tong, offers 156 units with a key date of March 2024 and an uncompleted period of about one year, making it the first new development to hit the market in four years since the launch of The Gateway in late 2018. The first batch of 56 units was launched on the 11th of this month and 3 units have been sold so far, namely Unit G on the 5th floor and Units A and G on the 6th floor, at prices ranging from $6,058,400 to $6,165,800.