The Duck Ling Chow development, known as String Side, was previously launched last year but was suddenly withdrawn from the market. Now, a newly released price list reveals that the developer has substantially reduced prices for the first batch of 50 units, with reductions ranging from 19% to 30.7%. Some units have seen reductions exceeding 27%.
The reasons behind these price adjustments remain undisclosed, but they are sure to stir up waves in the Hong Kong property market. String Side's units range in size from 205 to 317 square feet, and the developer has not only increased the basic discount rate, rising from 16% to 32%, but also provided additional mortgage interest subsidy discounts ranging from 7% to 9.75%, resulting in some units receiving discounts of up to 41.75%.
Among the most striking adjustments is Unit C on the 5th floor, with a practical area of 205 square feet. Its original price of HK$5.319 million has now been reduced to HK$3.688 million, representing a staggering 30.7% reduction, amounting to a reduction of HK$1.631 million.
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At the same time, news of substantial price reductions has emerged for the luxury residence "Kai Yue" in Duck Ling Chow. The price per square foot has been drastically reduced from HK$45,000 to HK$25,000, a decrease of 40%, equivalent to the original land acquisition price. It is reported that Longfor Group and Henderson Land are undergoing overseas restructuring due to their failure to repay overseas debts on schedule, with Kai Yue becoming a core asset in negotiations.
Furthermore, Cheung Kong Group's marketing strategy has been criticized by Morgan Stanley as "loss-making pricing," resulting in decreased profits for developers with higher residential property inventories.
Meanwhile, the latest launch of 138 residential units by Blue Coast has attracted significant attention. These units, ranging from 2 to 3 bedrooms, offer a payment plan available within 120 days and up to 15% discount incentives. With an average discounted price per square foot of HK$21,968, these properties become the most affordable option among new developments on the southern coast of Hong Kong Island. The lowest-priced unit is offered at HK$8.78 million, with a discounted price per square foot of HK$18,998.
Although Blue Coast achieved commendable results in the first two rounds of sales, raising over HK$10 billion, the project failed to achieve a "first quarter clearance," with only about 70% of units sold in the second round. This may prompt other developers to adjust prices and adopt strategies such as price reductions to stimulate sales.
