Hung Shui Kiu New Property Launch Sees Prices Drop by 18%

In a notable shift in the Hong Kong property market, a new development in Hung Shui Kiu is unveiling flats at prices significantly reduced by 18 percent from six months prior. Secondary market trends are echoing this downturn, with Mei Foo Sun Chuen witnessing further price declines.

Asia Standard International's High Park I in Hung Shui Kiu unveiled its third price list, featuring 63 flats, and spotlighting the most affordable unit at HK$3.4 million. Post-discount, flats in this latest batch are averaging HK$11,797 per square foot.

Since its initial launch in July of the previous year, High Park I has successfully sold 92 flats, accumulating over HK$520 million in sales, as reported by the developer.

Looking ahead, CK Asset is gearing up to release 12 flats at The Coast Line II in Yau Tong this Saturday, with an exclusive selection of five units available through tender. In a recent update, seven flats offered through price lists saw mixed pricing developments; a one-bedroom flat's price slightly increased by 2 percent to HK$4.14 million, or HK$16,058 per square foot, following a previously aborted sale. CK Asset is also contemplating price increases for three-bedroom flats.

Simultaneously, the KT Marina development in Kai Tak, a collaborative venture by K Wah International, Wheelock Properties, and China Overseas Land and Investment, is preparing to market 217 flats, with 211 set to be sold according to the price list.

The secondary market is reflecting a downward trend as well, with a three-bedroom apartment in Mei Foo Sun Chuen selling for HK$8 million after a reduction of HK$3.5 million, averaging HK$8,869 per square foot and dipping below the HK$9,000 mark. The sale resulted in an HK$800,000 loss for the original owner, who had purchased the property in November 2016 for HK$8.8 million.

Additionally, a one-bedroom unit in the same estate recently sold for HK$4.52 million, or HK$9,679 per square foot, following an initial asking price of HK$4.68 million.

In a separate transaction, a three-bedroom apartment with a parking space at Tregunter Towers in Mid-Levels changed hands for HK$47.6 million, reflecting a substantial price reduction of over HK$5 million. 

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