Advertisement
Wheelock offers 12 per cent discount on new Kai Tak flats to kick life back into Hong Kong’s slumping property sales
- The price of HK$24,833 (US$3,167) for the first 112 units at Monaco Marine is 12 per cent below a development sold in the same area last summer
- It comes as developers prepare to unleash thousands of flats that will test market demand amid a flagging economy and rising unemployment
Reading Time:3 minutes
Why you can trust SCMP
1
The first large new residential project to be launched in Hong Kong since a ferocious fifth wave of coronavirus struck has been priced more than 10 per cent lower than a development that went on sale in the same area last summer.
Advertisement
It comes as developers prepare to unleash thousands of flats in the coming months that will test market demand amid a flagging economy and rising unemployment.
Wheelock Properties priced the first batch of 112 units at Monaco Marine in Kai Tak, the site of the city’s former international airport, at an average of HK$24,833 (US$3,167) per square foot after factoring in a discount of up to 12 per cent.
The price, unveiled on Thursday, is about 12 per cent lower than the average launch price of HK$28,200 per sq ft at a nearby project, The Henley III, in the same area last August.
03:14
What you need to know as Hong Kong gets set to ease Covid-19 restrictions from April 21
What you need to know as Hong Kong gets set to ease Covid-19 restrictions from April 21
“Developers will take a more conservative approach to pricing to test the market response. Hong Kong’s [economy] is not yet recovered from a serious illness,” said Louis Chan Wing-kit, Centaline Property’s vice-chairman and chief executive, residential, in Asia-Pacific.
Advertisement
Advertisement