香港新推出的小型公寓要價過高

Small flats' high prices may dissuade homebuyers

Oct 6, 2010 - PropertyGuru.com.sg

Homebuyers who are looking for small flats located in urban areas in Hong Kong may be discouraged by escalating prices, such as the HK$6 million being asked for a new 400 sq ft flat in Wan Chai.

Queen’s Cube, a joint project between HK’s Urban Renewal Authority (URA) and Nan Fung Group, is offering today 72 apartments in the block for sale. The block consists of 96 flats, which range from 401 sq ft to 582 sq ft.

The cheapest apartment being offered is a 401 sq ft apartment on the fifth floor at HK$5.97 million or HK$14,888 psf, based on gross floor area (GFA). The price works out to HK$21,709, excluding the common areas.

A 578-sq-ft one-bedroom apartment is the most expensive flat, being offered at HK$10.1 million or HK$17,478, based on GFA.

The recommended prices for the 72 flats were released in three batches, with a two-day interval between every announcement. The developer said in its first announcement that 30 flats would be offered at HK$16,431 psf on the average. The price was respectively 26 percent and 56 percent above transaction prices of HK$10,500 psf and HK$13,000 psf for flats in one- to three-year-old buildings in the area.

”These pricey tiny flats are for investors. Not for genuine end-users,” said Sandy Yue, sales manager of Chung Kong Property Agency, which focuses on sales in Causeway Bay and Wan Chai.

A family on an average household income would find it hard to buy such flat, said Yue.

Flats of a similar size in older buildings in the area would fetch prices ranging between HK$2 million and HK$4 million, she said. ”It will depend on the age of the buildings and the views commanded by the apartments,” said Yue, adding that a 500-sq-ft flat at the 34-year-old Jet Foil Mansion located at 415-421 Jaffe Road in Wan Chai was recently put up for sale at HK$3.28 million or HK$6,560 psf.

”Some investors will go for smaller flats which involve a smaller lump sum amount,” said Yue.