Monday, May 25, 2020
Martin Hennecke

Prices slashed for nano plus flats
<p>A second batch of 36 units has been launched at T-Plus, the residential project in Tuen Mun, with the smallest one sized at 128 square feet, priced at HK$1.74 million, or HK$13,576 per square foot, after discount - down 38 percent from the previous batch in November.</p><p>The project by mainland developer Jiayuan International (2768) and local family-owned conglomerate Stan Group saw prices set between HK$2.23 million and HK$2.62 million, or HK$17,406 to HK$20,500 per sq ft. The maximum unit size in this batch is 227 sq ft.</p><p>The design of the &quot;bed-sized&quot; units resembles a student&#39;s dormitory room and is even smaller than the average size of normal private car parking spaces.</p><p>Also, developers&#39; staff members can get another 3 percent discount, meaning the smallest flat could be as cheap as HK$1.69 million.</p><p>Property agencies said that the price for the tiniest unit is even lower than some parking spots in Tuen Mun, which sell for HK$1.8 million to HK$2.6 million.</p><p>Stan Group chairman Tang Yiu-sing said he is optimistic about the local property market and believes the new units will be popular due to the affordable pricing.</p><p>However, a local expert said he wouldn&#39;t buy such a tiny flat even if prices were 30 percent lower, as the living areas were too small and the potential for appreciation limited.</p><p>Meanwhile, a new batch of 180 units was launched at the Regent in Tai Po, developed by China Overseas Land and Investment (0688). The flats are priced at HK$14,886 per sq ft after discount.</p><p>CK Asset (1113) has sold out Harbour Glory in North Point, after offloading the last two units for HK$130 million, or HK$49,000 per sq ft.</p><p>Ricacorp Properties said primary market transactions in the first half involved 12,000 units and HK$135.7 billion change hands. It was the highest number of sales for a six-month period since 2004 amid worries about the potential vacancy tax.</p><p>A buyer acquired a new top duplex unit using the name of a company. The unit, sized at 2,193 sq ft at K City in Kai Tak, was sold off for HK$76.76 million, and the stamp duty was HK$23.03 million.</p><p>In terms of commercial properties, the Land Registry reported the number of sales agreements for all building units for registration in the first half was 43,491, up 34.6 percent from the second half of 2018, but down 7.2 percent compared to the first half of last year.</p>

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