One-bedroom flat in Hong Kong to fetch more than S$1.7 million — after discounts

HONG KONG — A consortium led by property developer New World Development and Vanke Property (Overseas) has offered the last 64 units at their joint venture residential project in Tsuen Wan, Hong Kong, with a one-bedroom flat costing more than HK$10 million (S$ 1.79 million) after discounts.

The 421 square foot unit on the 57th floor of the Pavilia Bay development, commands a full sea view and was being offered at HK$11.79 million (US$1.52 million), or HK$28,021 per square foot on Monday (March 28).

Once a 14.5 per cent discount kicks in, the price will drop to HK$10.08 million, or HK$24,000 per square foot.

The price will set a record for a one-bedroom flat in the New Territories area of Hong Kong, said agents.

The average discounted price for the 64 sea-view units was HK$19,503 per square foot.

Meanwhile, Poly Property Group, the Hong Kong-listed arm of state-owned China Poly Group, released another 108 units at the Vibe Centro project at Kai Tak – the site of the city’s former airport – at higher prices after generating a strong response over the weekend.

The flats, ranging in size from 228 sq ft to 1,146 sq ft, are being offered at HK$5.48 million to HK$35.59 million, or HK$21,649 per square foot to HK$31,063 per square foot.

Including discounts the price of the flats will drop to HK$4.41 million to HK$29.11 million, or HK$17,598 to HK$25,402 per square foot.

Developers have raised prices after Sun Hung Kai Properties sold all 621 units at the Cullinan West development atop Nam Cheong MTR station over two weekends. The project also saw more than 14,000 prospective buyers registering for the first batch of 321 units. SOUTH CHINA MORNING POST