Mont Vert studio flat in Tai Po sets record for cheapest new home
Low land cost allows Cheung Kong to price the 194 sqft unit at Mont Vert below HK$2m mark
The flat has a saleable area of only 194 square feet, which works out to HK$10,031 per square foot. The smallest unit at the development, of just 177 sqft, is not included in the first batch.
Of the 260 units on offer, 43 are studio flats, 20 are two-bedroom units and 197 are three-bedroom units. They are priced at HK$8,961 to HK$11,162 per square foot, while the going rates for second-hand flats in the area are HK$8,310 to HK$10,334. However, most of those flats are more than 20 years old.
We have no plan to sell the large flats and the studio units as a bundle
The Mont Vert studio flats released yesterday range from 194 to 195 sqft and are priced between HK$1.94 million and HK$2.1 million each. After discounts, which add up to as much as 15 per cent, the lowest price for a studio flat is HK$1.65 million.
"New flats selling for less than HK$2 million are almost impossible to find in Hong Kong," said Louis Chan Wing-kit, managing director of Centaline Property Agency's residential department.
The launch prices for Mont Vert were the lowest for a new project in Tai Po, industry observers said.
Justin Chiu Kwok-hung, an executive director at Cheung Kong, said he was told by property agents that prices at the project were about 30 per cent below transaction prices for other new flats in the area.
"The stunning low price is because of low land cost," he said. "The site was converted from farmland for residential use. We also secured lower construction cost as the contract was awarded several years ago."