Sai Ying Pun’s The Queens Slashes Prices by Up to 35%, Sells Out 74 Units

The Queens, a single-block residential project in Sai Ying Pun developed by Regal Hotels (078), made headlines after offering significant price cuts. On June 19, the developer revised the pricing for 45 units, increasing the maximum discount from 16% to 32%, with some units seeing a direct price reduction of nearly 20%. Factoring in discounts, the total price cut on certain units reached 35%.

On June 22, the project released 74 units for sale on a first-come, first-served basis, attracting over 300 potential buyers, resulting in an intense competition of 4.3 buyers per unit. By the end of the day, all 74 units, including those sold with rental agreements or special rights, were snapped up, generating over HK$500 million in revenue. Around 70% of the sold units included rental agreements.

According to the developer, the overwhelming response was driven by long-term investors recognising the project's value and growth potential. The lower interbank interest rates also encouraged renters to switch to purchasing, with some seeing buying as a more cost-effective option than renting. The developer is now considering releasing additional units to meet demand.

One example of the price cuts can be seen in a two-bedroom unit on the 7th floor of Block A, with a usable area of 431 square feet. Initially launched in 2021 with a list price of HK$15.21 million and a maximum 16% discount, its effective price was HK$12.78 million. After the recent price adjustment, the unit’s list price was reduced by HK$3.04 million to HK$12.17 million. With the updated 32% discount, the effective price dropped further to HK$8.27 million—a total reduction of HK$4.5 million or 35%.

The Queens, which comprises 130 units ranging from studios to three-bedroom layouts, was first launched in March 2021 with prices starting at HK$6.88 million. However, sales had been slow, with only seven units sold between April 2021 and now, accounting for just 5% of the project. The latest aggressive price cuts and discounts have reignited buyer interest, leading to the successful sellout of 74 units in a single day.

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