Sino Land, Wheelock unleash cheaper flats to boost sales as Hong Kong emerges from ‘lost months’ of strict Covid-19 measures

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‘Developers lost the first three months of property sales, so their primary goal is to speed up sales,’ says Vincent Cheung, of Vincorn Consulting and Appraisal

Sino and Wheelock both priced hundreds of new flats roughly 12 per cent below comparable projects launched last year

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The construction site of Grand Mayfair I, where units have been priced 12 per cent below a comparable project launched in December. Photo: Sam Tsang

Sandy Li

Published: 8:30am, 21 Apr 2022

Hong Kong developers are launching hundreds of flats at knock-down prices in a bid to make up for lost time as the city begins to emerge from months of strict social-distancing measures that have made house sales all-but impossible.

Sino Land priced the first batch of 168 units at its Grand Mayfair I project above Kam Sheung Road MTR station at an average price of HK$17,608 per square foot after factoring in a discount of up to 16 per cent.

The price, unveiled on Wednesday, is about 12 per cent lower than the average launch price in December of HK$19,899 per square foot at Yoho Hub at Yuen Long station, one stop away from Kam Sheung Road station.

Wheelock Properties has also priced flats at its Monaco Marine development in Kai Tak 12 per cent lower than a nearby project that went on sale last summer. It will release 308 units for sale on Saturday.

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“Developers lost the first three months of property sales, so their primary goal is to speed up sales,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal.

Sino Land, Wheelock unleash cheaper flats to boost sales as Hong Kong emerges from ‘lost months’ of strict Covid-19 measures

‘Developers lost the first three months of property sales, so their primary goal is to speed up sales,’ says Vincent Cheung, of Vincorn Consulting and Appraisal Sino and Wheelock both priced hundreds of new flats roughly 12 per cent below comparable projects launched last year

‘Developers lost the first three months of property sales, so their primary goal is to speed up sales,’ says Vincent Cheung, of Vincorn Consulting and Appraisal

Sino and Wheelock both priced hundreds of new flats roughly 12 per cent below comparable projects launched last year