Hong Kong developer Great Eagle prices Ho Man Tin project at 8-year low as buyers return after government incentives
- At HK$19,988 (US$2,556) per square foot, Onmantin will be the cheapest for new launches in the area since Kerry Properties launched its Mantin Heights in 2016
- Buyers have been snapping up more flats valued at HK$10 million and above, says Louis Chan of Centaline Property Agency
The developer has priced the first 115 units of its new residential project called Onmantin in the district at an average price of HK$19,988 (US$2,556) per square foot after discounts, it said in a media briefing on Wednesday.
That is the lowest in the same neighbourhood since Kerry Properties launched its Mantin Heights development at HK$19,000 in 2016, some property agents said. The price is also about 25 per cent below the In One Above project launched by Chinachem Group in May last year.
The Great Eagle project sits above the Ho Man Tin train station in Kowloon, offering a total of 900 flats in five 24-storey towers. It will be completed in two phases of 418 and 572 units, respectively. The developer said it is confident about selling the first batch, given that the project offers the last new units in that spot.
In the first batch, Great Eagle will offer 44 one-bedroom flats, 42 two-bedroom flats and 29 three-bedroom flats for sale at a date to be decided later. The price ranges from HK$6.89 million for a 388-sq ft unit, to HK$18.5 million for the largest, after discounts.
“The pricing is extremely competitive,” said Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency, who expects all 115 units to be taken up. “It shows that the developer is taking advantage of the positive market sentiment.”
