Swire Properties has priced the first 120 units of a new residential project in Chai Wan at an average of HK$17,565 (US$2,249) per square foot, an 11-year low for Hong Kong Island’s Eastern district, according to agents.
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The price list, released on Tuesday, covers more than a fifth of the 592 units in the second and third towers of the Headland Residences.
“We are encouraged by the strong market interest shown in this premium development since we introduced the sales gallery for viewing last week,” said Adrian To, Swire Properties’ director of residential. He added that an expected US rate-cutting cycle in the second half of the year would benefit Hong Kong’s property market.
The average discounted price for the Swire Properties project was lower than the first list for units in New World Development’s State Pavilia project in North Point, which was released in February. The price was an eight-year low for the Eastern district.
In August 2016, Sun Hung Kai Properties priced the first batch of flats in its Lime Gala project in Shau Kei Wan at an average of HK$17,732 per square foot.
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“[Swire Properties’] offering is highly competitive, with prices comparable to nearby secondary property prices,” said Louis Chan Wing-kit, CEO of Centaline Property Agency. “It is anticipated that the first round of sales will sell out.”
The first price list included 20 units with one bedroom, 84 two-bedroom apartments and 16 flats with three bedrooms. Swire Properties said sizes ranged from 418 sq ft to 899 sq ft.