Hong Kong developer K. Wah International on Thursday said it priced units in a new residential development in Tin Hau 17 per cent higher than a new neighbouring project that was launched last year, as both transactions and home prices have lately shown signs of recovery.
K. Wah International said it priced 30 units in its Kabitat Tin Hau project, located at 33 King’s Road, at an average price of HK$24,311 (US$3,121) per square foot after a maximum discount.
The average price in the 74-flat development was higher than the first listing of 51 units in Wang On Properties’ 101 King’s Road project in North Point – or HK$20,800 per square foot on average. It was also the highest recorded initial price list for projects in the Eastern district over the past four years, according to property agents.
The first price list included 23 two-bedroom units and seven three-bedrooms, with areas ranging from 361 square feet to 477 sq ft. After deducting a maximum discount of 30 per cent, the prices were set between HK$7.95 million and HK$13.4 million, or HK$22,008 to HK$28,168 per sq ft.
“The project is located very close to the Tau Hau MTR station,” said Alex Leung, senior director at CHFT Advisory and Appraisal. “The location is unique with less competition. There is no need to offer ‘deepwater boom’ prices when there are more signals showing the market is bottoming out.”
New World Development also released the price list for 50 units at its 120-flat House Muse development in Kowloon City, which had an average pricing that was in line with the market.
