Henderson cuts prices as Hong Kong developers jump at warming market
Hong Kong's property developers are putting more new projects on the market at discounted prices, as they take advantage of warming sentiment in the city's tepid real estate market amid a massive supply glut.
Henderson Land Development has offered to sell the first 63 units of 313 flats at its Eight Southpark project in Kowloon City at an average price of HK$17,388 per square foot, the developer said on Wednesday. The sale price of the 27-storey project at 8 Nam Pok Road was about 10 per cent cheaper than comparable properties in the same neighbourhood and in Kai Tak, agents said.
Henderson's price list comprises 37 one-bedroom units and 26 flats with two bedrooms each, ranging from 258 sq ft to 349 sq ft, priced between HK$4.1 million and HK$6.87 million (US$883,400), or HK$15,591 to HK$20,084 per square foot. The developer said it might launch the first sale at the end of February.
Home builders have quickened their sales pace amid tentative signs of improving sentiment, after New World Development sold all 168 of its State Pavilia flats in North Point last weekend. State Pavilia, the first phase of New World's redevelopment of Hong Kong's iconic State Theatre site, was priced at a massive discount. Photo: Jelly Tse State Pavilia, the first phase of New World's redevelopment of Hong Kong's iconic State Theatre site, was priced at a massive discount on February 6, a move that took the market by surprise, but which energised buyers. A recent surge in Hong Kong's benchmark Hang Seng Index also motivated more buyers to enter the property market, agents said.
Henderson was not alone in rushing to launch. Wang On Properties released the price list of the first 30 units of its Coasto project in Ap Lei Chau at HK$17,085 per sq ft on average, about 36 per cent cheaper than the Aruna project built by Chuang's China Investment, launched in June 2023, according to Centaline Properties.
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