Hong Kong developers offer huge discounts, cut prices to 2018 levels for new project launches to boost sales
- Henderson has priced Henley Park in Kai Tak at an average of HK$21,088 (US$2,694) per square foot after discounts, which an agent says is 15 per cent below market price
- Developers and agencies are even offering sweeteners like mortgage discounts, dining and travel vouchers to exotic destinations like the Maldives to drum up sales
Buyers waiting to enter Hong Kong’s property market could be spoiled for choice as some developers release homes at price levels last seen five years ago, looking to lock in sales before further anticipated increases in interest rates and supply.
Developers are even offering sweeteners like mortgage discounts, dining and travel vouchers to exotic destinations like the Maldives to drum up sales.
Many developers “are rushing to launch at prices close to or even lower than the market price”, said Louis Chan, the Asia-Pacific vice-chairman at Centaline Property Agency. “Ultimately, buyers will benefit.”
While Chan expects the competitive pricing to attract buyers to the new homes market, “second-hand owners have no choice but to take a beating”.
Henderson Land Development on Wednesday said it would offer the first batch of 148 flats in the 740-unit Henley Park in Kai Tak at an average of HK$21,088 (US$2,694) per square foot after discounts. The company, however, has yet to announce a launch date for the sales.
