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Hong Kong developer Wang On prices Finnie in Quarry Bay at 3-year low, 32% discount
- The prices of the first 30 units in the Quarry Bay project are 32 per cent lower than the initial batch of Henderson Land’s The Holborn launched in 2021
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A Hong Kong developer has priced a new residential project in Quarry Bay a third lower compared with three years ago, as builders test the market’s appetite amid weak sentiment.
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Wang On Properties on Wednesday released the prices of the first 30 units of Finnie, a single block project in the Eastern district comprising 90 units. Averaging HK$19,503 (US$2,500) per square foot, the project is priced 32 per cent lower than the initial launch of Henderson Land’s The Holborn in 2021, which was priced at HK$28,888.
The batch includes 20 one-bedroom and 10 two-bedroom flats, with areas ranging from 245 sq ft to 364 sq ft. After applying the maximum 15 per cent discount, the prices of the units range from HK$4.29 million to HK$7.58 million, or HK$17,502 to HK$21,014 per square foot.
All one-bedroom units are priced below HK$5 million, the developer said.
Wang On said it plans to kick off sales as soon as next week, adding that the launch of the next batch will depend on the market’s response.
Hong Kong’s property market has been weighed down by high interest rates, which remain at a 23-year high. The government’s efforts to revive home sales through the removal of decade-old curbs in February have fallen flat after a brief spurt. Prices on the secondary market dropped by 1.2 per cent month on month in June, the lowest since October 2016. That brought the decline of second-hand homes to 3.1 per cent in the first six months of the year.
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