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Cheung Kong sets low flats price, Tuesday, June 26, 2012
Jun 25 2012, 03:00 PM
Group: Inactive Members
Joined: 22-June 08
Member No.: 32,280
Natallie Cai from Standard
In a sales ploy aimed at attracting secondary market buyers Cheung Kong (Holdings) (0001) priced 446 units of The Beaumount in Tseung Kwan O at HK$5,617 per square foot yesterday, which is below second-hand flat prices in the district.
Among the units priced yesterday were three-room flats of between 915 and 1,001 sq ft.
The cheapest flat costs HK$4.81 million. When sales start Thursday, buyers paying cash are being offered a 5 percent discount. "The price is about 4.3 percent lower compared to projects in the secondary market nearby. The project could lure buyers from the secondary market," Cheung Kong executive director Justin Chiu Kwok- hung said.
Over the next few days more units will be released at prices between HK$7,000 and HK$8,000 psf, Chiu added.
Responding to reports that there was no mention of an industrial facility in front of the property, Chiu suggested that potential buyers read the sales brochure carefully. According to real estate agents 500 checks had been received yesterday to reserve units, bringing the number to 2,000 since last week.
The 1,777-unit project provides two- and three-bedroom flats sized between 650 and 1,001 sq ft.
Three-room flats in The Capitol - the first phase of Cheung Kong's Lohas Park development, are selling at HK$5,600 psf in the secondary market.
The Capitol, first sold in 2008, is just a few blocks away from The Beaumount. The average price of flats in Lohas Park stood at HK$5,670 psf, Midland Realty said in a research note issued yesterday.
Centaline Property Agency director for New Territories Chris Wong Ho- chung said the incentives offered by Cheung Kong may drag down prices of secondary apartments by up to 10 percent.
Chiu said Cheung Kong sold 1,400 flats so far this year, booking HK$12 billion.
Sales consent is pending on four projects, including a 200-unit project on Lai Chi Kok Road.
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