Wheelock has priced its Capri, new residental project in Tseung Kwan O, at 20 percent below market levels, the move might further pull down prices in the secondary marke.

Wheelock has priced its Capri, new residential project in Tseung Kwan O, at 20% below market levels, the move might further pull down prices in the secondary market.

Growing supply of new home flats suppresses the sale of secondary home market.

Wheelock (0020.HK) priced its new residential project Capri, located in Tseung Kwan O, about 20 per cent below other launches of housing project located in the same district e.g. The Wings by Sun Hung Kai Properties (0016.HK), Sino Land (0083.HK)’s Corinthia by the Sea around the middle of this year..

The developer would put extra 80 units which are mainly one- to three-bedroom flats of up to 781 sq ft to the market as 3rd batch sale and offer up to 20% discounts to the buyers. Average post-discount price is HK$12,688 per square foot.

Developers are putting more flats on sale at prices set close to levels in the secondary market.

Wheelock will put 60 more units of Capri in Tseung Kwan O up for sale, pricing them the same as in the first batch, according to managing director Ricky Wong Kwong-yiu. The average per square foot price is set at HK$12,688.

It received 1,000 subscriptions for the more than the 88 units put on sale in the first batch. The project is priced 20 percent lower than secondary homes.

Kerry Properties (0683.HK) said more than 10,000 people visited showflats for its The Bloomsway in Tuen Mun, and it has been oversubscribed. The project, located near Harrow International School, offers 1,100 studio to four-bedroom units.

Property agencies have only recorded single-digit deals for major housing estates over the weekend.

Not a single deal was made in the major Tseung Kwan O housing estate Park Central in the past two weekends, says Hong Kong Property Services.

Source: The Standard Finance

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