Ho Man Tin Chaos: 17 Units Forfeited, HK$25M in Deposits Lost, Prices Slashed

Ho Man Tin’s In One Phase IC project, a joint development by Chinachem Group and MTR Corporation, recently saw 17 units forfeited, resulting in a total loss of approximately HK$25.6 million in deposits. The forfeited units, which were originally sold under the "construction period payment plan" in April and May 2023, have now been relisted by the developer, with some units receiving price cuts of up to 13%.

On July 7, 17 units under In One Phase IC were forfeited, with buyers losing their 10% deposits, totalling HK$25.6 million. The affected units are located in Blocks 5A and 5B, with usable areas ranging from 423 to 656 square feet and featuring two- to three-bedroom layouts.

Among the canceled transactions, the most expensive unit was a three-bedroom flat on the 15th floor of Block 5B, with a usable area of 656 square feet. Initially sold for HK$19.63 million (HK$29,923 per square foot) on April 6, 2023, the unit has now been relisted by the developer with a 13% price reduction, bringing the new price to HK$19.41 million.

This series of forfeitures highlights the challenges facing the Hong Kong property market, with developers responding by offering significant discounts to attract new buyers and maintain sales momentum. The incident reflects the current volatility in the market as buyers reconsider commitments and developers adjust pricing strategies accordingly.

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