One-bedroom HK flat costs more than RM5mil – after discount

Hong Kong: New World Development and Vanke Property (Overseas) have offered the last 64 units at their joint venture residential project in Tsuen Wan with a one-bedroom flat costing more than HK$10mil (RM5.6mil) after discounts.

The 421sq ft unit on the 57th floor of the Pavilia Bay development, commands a full sea view and was being offered at HK$11.79mil (RM6.7mil), or HK$28,021 (RM15,932) per square foot on Monday.

Once a 14.5% discount kicks in, the price will drop to HK$10.08mil ( RM5.7mil), or HK$ 24,000 (RM13,646) 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 (RM11,089) per square foot.

Meanwhile, Poly Property Group, the Hong Kong-listed arm of stateowned 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 228sq ft to 1,146sq ft, are being offered at HK$5.48mil (RM3.11mil) to HK$35.59mil (RM20.2mil), or HK$21,649 (RM12,309) per square foot to HK$31,063 (RM17,662) per square foot.

The latest batch of apartments on offer comprises studios and one- to four-bedroom apartments.

Discounted prices range from HK$ 4.41mil ( RM2.5mil) to HK$ 29.11mil ( RM16.5mil), or HK$17,598 (RM10,007) to HK$25,402 (RM14,444) 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/Asia News Network