New development in Tuen Mun slashes prices again
Apr 13, 2023
New development in Tuen Mun slashes prices again Hong Kong
By   Centaline Property
  • City News
  • New homes in Tuen Mun
  • reduced property prices
  • property for sale
Abstract: The developer is determined to remove its stock. After the launch of Phase 2 of the Castle Peak Road project in Tuen Mun, the price of Phase 1 of the same series has also been reduced by 4-17%, together with the discount rate, by up to $990,000.

After the launch of Phase 2 of the joint development of Cheung Kong Holdings (01113) and Sun Hung Kai Properties (00016), the price list of Phase 1 was revised on Wednesday (12) to reduce the selling price of all unsold units on the price list by 4-17%, together with discount rates, up to $990,000.


Assistant Principal Manager of the Sales Department of Cheung Kong Holdings, Ms Yeung Kwai Ling, said that the price reduction averaged about 7% and that 108 units would be offered for sale next Tuesday (18). The units to be offered include 81 one-bedroom, 23 two-bedroom and four three-bedroom units, some with rooftop features, and tickets will close at 5pm next Monday (17).


As you can see from the price list, a total of 147 units have been reduced from 2.9% to 14.3%, while the maximum discount rate has been adjusted from 15% (1 and 2 bedrooms) and 17% (3 bedrooms) to 18%. Of these, 76% of the reduction came from the price list issued at the beginning of the sale in June last year.


Sun Hung Kai Properties' (00016) University Hill, Pak Shek Kok, Tai Po, announced on Wednesday (12) that it would upload the property listing within 24 hours. Sun Hung Kai Properties Deputy Managing Director Mr Lui said the property will be available for sale in the middle of next week. He said that the property is adjacent to the Pak Shek Kok MTR station, which will be built, as well as the new bus terminus, which will provide KMB route 900 to and from the property to Wan Chai, so the future residents will have access to Hong Kong, Kowloon and the New Territories.

 New development in Tuen Mun slashes prices again

According to SHKP's Acting General Manager, Mr. Wu Chi-yuen, University Hill is scheduled to be the first to open a show flat to the media this week. Residents of the development will be offered a 50% discount on a monthly bus pass upon occupation.


The development plan for Kai Tak Skyrail, a joint venture between six major developers including Henderson Land (00012), China Overseas Land Development (00688) and Chinachem Group, was unveiled on Wednesday (12), with Henderson's Director of Agency and General Manager of Sales (2) Department Hon Ka-fai saying that the show flats and sales office at H ZENTRE in Tsim Sha Tsui have been completed and are expected to be opened for public viewing shortly. The first batch of large units will be put up for sale by tender.


As seen in the brochure, the seven high blocks are built side by side, divided into Blocks 1, 2, 3, 5, 6, 7 and 8, while the low block is located in front of Block 8. The development consists of one-, three- and four-bedroom apartments ranging from 351 sq ft to 1,942 sq ft in usable area.


Kai Tak Skyway, a subsidiary of Kin Ho Properties, sold two units of its High Block by tender on Wednesday (12), realising $68,817,500 in a single day. Among them, a ground and first floor duplex, Room B in Block 3 of Tin Hoi Fai, with a saleable area of 1,481 sq ft, featuring four bedrooms and a family room, and an 831 sq ft garden, was sold for $41,251,500 at a price of about $27,854 per square foot.


The other unit, Unit C on 39/F, Tower 2, Sky Ocean Gateway, with a usable area of 1,054 sq ft and three bedrooms with storage space, was sold for $27,566,000 at a price of about $26,154 per square foot. The developer said that 821 units have been sold since the launch of the development, with a total of over $10.23 billion in cash.


Sino Land (00083) and four other major developers of South West Kowloon Harbourview I sold a four-bedroom flat on the 18th floor of Block 1, Unit A, for $4,657,500 on Wednesday (12) at a price of about $33,628 per square foot, based on a saleable area of 1,385 square feet.


Kowloon Development (00034) sold a 1-bedroom flat at $5.745 million on Wednesday (12), a flat on 22/F, Block 1, Unit B1, with a usable area of 288 sq ft and a one-bedroom partition, at a price of about $19,948 per square foot.


China Overseas Land & Investment (00688)'s existing Harbour 1 on the Kai Tak Bay peninsula has recently picked up the pace of transactions, with two units sold in two days, attracting over HK$40.3 million in proceeds. On Wednesday (12), a flat on the 8th floor of Tower 2A with a saleable area of 766 square feet, a three-bedroom flat with a workplace partition, was sold for $19.804 million at a price of $25,854 per square foot.

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