Ms. Leung Suk Yee, General Manager of Sales and Marketing at Eagle Properties, described the pricing as a "heart-stirring price," in line with market expectations and positively influenced by the increased market activity following the relaxation of cooling measures. Compared to other new developments near MTR stations, the pricing of Langham Place is more attractive, and the developer is confident in the sales of this launch.
The first batch of 115 residential units includes different layouts ranging from 1 to 3 bedrooms, with sizes ranging from 388 to 774 square feet. Priced from HK$8.399 million to HK$22.552 million, after a maximum discount of 18% provided by the developer, the actual selling prices range from HK$6.887 million to HK$18.4926 million, with a discounted price per square foot of HK$17,750 to HK$23,893.
The discounted average price per square foot is approximately HK$19,988, returning to the level of eight years ago in the same area. It is similar to the discounted average price per square foot of approximately HK$19,335 for the first batch of units in the nearby development Hao Xian in 2016, which is about 19.5% lower than the HK$24,838 per square foot for the Yat Yee Phase 1B development in the same area. Compared to the current transaction price of HK$25,900 per square foot for the second-hand estate Tin Cheuk in the same area, it is lower by approximately 22.8%.
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The first unit to enter the market is Unit C on the 2nd floor of Block 6B, with an area of 388 square feet and a price of approximately HK$6.887 million, with a discounted price per square foot of approximately HK$17,750. The most expensive unit is Unit A on the 19th floor of Block 6A, with an area of 774 square feet and a price of approximately HK$18.4926 million, with a discounted price per square foot of approximately HK$23,892.
The opening day attracted the attention of a large number of potential buyers and investors. Mr. Thomas Chan, Vice Chairman and President of the Residential Division of Centaline Asia-Pacific, revealed that the discounted average price per square foot of Langham Place is comparable to that of eight years ago, with prices offering over 20% discount compared to surrounding new developments. He expects the first batch of units to sell out quickly, with potential for price increases in the future.
Mr. Buggle Lau, Chief Executive of Midland Realty's Residential Division, also pointed out that residential developments above MTR stations are usually very popular. With its advantageous location and pricing, Langham Place is expected to attract a large number of end-users and investors. He estimates that the ratio of end-users to investors for this project is approximately 60:40, with potential rents reaching HK$70 per square foot and rental yields reaching 4%.
In addition, the project was awarded development rights to Goldin Financial in 2016, with a land premium of approximately HK$6.282 billion and a floor price of approximately HK$8,459 per square foot. In early 2021, Goldin Financial transferred the project rights to Eagle Properties while retaining a fixed dividend ratio of 35%.
The launch of Langham Place Phase IIB undoubtedly injected vitality into the market, attracting widespread attention and anticipation. As the Hong Kong property market gradually enters a recovery phase, the success of this project may drive activity throughout the region's property market, providing homebuyers and investors with more choices and opportunities.
