This year, the developer is trying to "catch up" with another new development by reducing prices in exchange for sales volume. More than 30% of the remaining units in Tuen Mun's Fei Yang Phase 1, a joint venture between Cheung Kong and SHKP, will be offered at a 17% price reduction immediately after Easter to attract customers.

Phase 1 has just been updated with 6 price lists involving 147 units, which is equivalent to 400 units or 37% of the total number of units in the market. Compared to last year before the price reduction, the average reduction is more than 7%, and individual units are even reduced by 17%. For example, the flat on the 1st floor of Block 2, Room H, with an area of 266 square feet, is a one-bedroom flat, which was priced at $5,077,000 and $19,086 per square foot in June last year, but the latest price has been reduced to $4,351,000 and $16,357 per square foot, which is a reduction of over 14% in the book value, and the total discount has been increased from 15% to 18%. As a result, the discounted price of the unit was further reduced from $4,315,000 to $3,567,000 at only $13,413 per square foot, representing an actual reduction of 17%.

According to Yeung Kwai Ling, Assistant Principal Manager of Sales Department of Cheung Kong Holdings, the price of this batch of units is determined by the current market situation, floor level, orientation and view, etc. The last 81 units of 1-bedroom units in Phase 1 will be put up for sale next Tuesday to meet the needs of car owners.

In addition, the development has added price list No. 8, involving 14 units with rooftop features, with unit sizes ranging from 263 to 712 square feet, at a discounted price of $4,338,000 to $10,613,000, or $14,301 to $16,643 per square foot.

8 transactions were recorded in Phase 1 last month, the latest being a 1-bedroom flat of 266 sq ft on 11/F of Tower 1 at $4.3 million and $16,165 per sq ft.

Last month, 88 units were launched in Phase 2, with discounts of up to 17% and an average price of around $12,000 per square foot, which is almost 17% lower than the first batch of units launched in Phase 1 in June last year and is back to the level of new units launched in the same area in 2020. It is clear that developers are keen to catch up with last year's big drop in property sales, and this year's intention to sell off is clearly enhanced. The first phase of the development is divided into two phases, each with 400 units, and about 240 units or 60% of the total number of units sold so far in Phase 1, generating over $1.3 billion in cash.