Sun Hung Kai sells out all 150 flats on offer in Tai Po’s University Hill with price cuts
- The units on offer, ranging from 273 to 640 square feet in usable space, are priced from HK$4.37 million to HK$11.05 million after discount
- Many purchases came from investors, but mainlanders were not prominent among buyers of the University Hill project, agents said
Buyers have snapped up all of 150 new homes offered by Sun Hung Kai Properties at its University Hill development in northern Hong Kong’s Tai Po, lured by the developer’s price cuts.
By late afternoon on Saturday, all units available in open sales were sold, according to agents. Another 10 units will be sold separately via bidding.
The units on offer – ranging from 273 to 640 square feet in usable space – are priced from HK$4.37 million (US$557,000) to HK$11.05 million after discounts of up to 15 per cent, or from HK$13,357 to HK$19,321 per square foot.
This compares with HK$16,427 to HK$20,354 per sq ft fetched by Sun Hung Kai at the adjacent Silicon Hill development in May and June last year, during its sales launch of apartments sized between 217 to 770 sq feet.
“The good sales are the result of price cuts of roughly 10 per cent on average compared to similar apartments sold a year ago,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.
Around 30 per cent of the purchases made through the agency came from investors, he added.
Around 10,400 potential buyers had registered interest for the University Hill project, 69 times the number of units offered in open sales, agents said.
The development at 63 Yau King Lane in Pak Shek Kok is close to Chinese University of Hong Kong, Hong Kong Science and Technology Park, and the proposed Pak Shek Kok MTR station on the East Rail line.
