Yesterday, Cheung Kong Property Holdings introduced astonishing news regarding their new project #LYOS located at the Flood Bridge in Yuen Long. Not only did they update the price list, but they also significantly reduced the selling prices by an astounding 25% to 32%. This adjustment suggests that the real estate market may be at a turning point, sparking speculation about the future direction of the property market.
In the updated price list released yesterday, #LYOS lowered the prices of 36 units, including 22 duplex units and 14 split-level units, with price reductions ranging from 22.6% to 31%. Additionally, they unveiled a new price list for unit 6, comprising seven duplex units ranging from 778 to 806 square feet, offering up to 3% discount, with an average price per square foot of approximately 15,829 yuan.
New sales arrangements have also been announced. This Sunday, they will release 28 units on a first-come-first-served basis, including 14 split-level units and 14 garden duplex units. The split-level units consist of open-plan, one-bedroom, and two-bedroom layouts, with discounted selling prices ranging from 2.999 million to 6.452 million yuan, and discounted per square foot prices starting from 12,417 yuan; while the garden duplex units have discounted selling prices ranging from 11.31 million to 12.836 million yuan, with discounted per square foot prices starting from 14,353 yuan. The price reductions for these 28 units range from 25% to 32%, significantly different from the prices three years ago.
Internet
Leung Cheuk-hang, Senior Sales Manager of Cheung Kong Property Holdings, stated that among the 28 units offered for sale, 14 split-level units were previously canceled transactions, including four special courtyard garden units, and one garden duplex unit was resold after a previous booking. The selling prices of split-level units have been reduced by as much as 25% compared to the initial launch, while the garden duplex units have seen an even higher reduction of 32%.
Guo Ziwei, Chief Manager of Cheung Kong Property Holdings Sales Department, affirmed the attractiveness of these units' prices and believes that the property market has bottomed out. He predicts that with the improvement in the stock market performance, the wealth effect will gradually manifest, and property prices are expected to gradually rebound. He revealed that after the sale of these 28 units, there is still room for price adjustments for the remaining 15 garden duplex units, with expected adjustments ranging from 5% to 10%, and anticipates a 5% to 10% increase in property prices before the end of the year.
Regarding the previous 15 booking units, Guo Ziwei emphasized that if the resale price of these units is lower than the booking price, the developer will pursue the price difference from the buyers. It is worth noting that among the units for resell, the only garden duplex unit has an area of 778 square feet, with a 24-square-foot platform, a 351-square-foot garden, and a 306-square-foot rooftop. In the bidding sale in December 2021, this unit was sold for 15.65 million yuan, but due to the buyer's booking, 15% of the deposit was confiscated, approximately 2.347 million yuan. The resale price for this unit is 13.233 million yuan, and once successfully sold, the developer will pursue the price difference from the previous buyer, amounting to 2.417 million yuan.
This price adjustment and sales arrangement change present a great opportunity for homebuyers. Cheung Kong Property Holdings has also conveyed a positive message to the market through this initiative.
