Scramble for sales precedes new law
Developers woo prospective buyers with range of incentives as they seek to clear unsold flats before tightening of rules on gross floor area
Cheung Kong is offering additional sweeteners, on top of a price cut last month, to try to offload the remaining units at its Lai Chi Kok residential project.
The move indicates the developer's eagerness to clear its stockpile before a new law takes effect on April 29, tightening rules on sales practices for new flats.
Prices of homes at One West Kowloon were cut by an average of 11 per cent early last month.
Cheung Kong Property Development director Francis Wong Si-chung said 120 units had been sold since the price cut, but 14 units remain available.
Yesterday, the firm offered what it called the "final incentives" to clear the last 14 flats.
Buyers will receive a HK$500,000 subsidy for redecoration or a car parking space. In addition, they will also enjoy a 20 per cent discount for a parking space, each worth HK$1.1 million to HK$1.2 million. The promotion will last until Sunday.
Developers are rushing to clear their remaining units before the new law prohibits the practice of including pro rata allocations of portions of "common areas", such as lift lobbies, clubhouses, electricity meter rooms and rubbish collection areas, in the calculation of prices based on the "gross floor area" of flats.
