‘Micro-home’ project T-Plus in Tuen Mun halts sales drive amid lacklustre buyer response
- The project in Tuen Mun announced the freeze after having sold just two units in the 356-unit project since its launch on November 29
T-Plus, the residential project in Tuen Mun made up of micro homes smaller than a car parking space, said on Friday it will suspend sales with immediate effect, without providing a reason for the halt.
The project, co-developed by mainland developer Jiayuan International Group and local developer Stan Group, announced the freeze after having sold just two units in the 356-unit project since its launch on November 29.
On Thursday, AVA 228 a micro-home project in Sham Shui Po debuted its price list for an initial batch of 50 units, indicating a double-digit percentage discount to flats on sale at T-Plus.
The smallest unit on offer at AVA 228, measuring 151 sq ft, was priced at HK$18,563 (US$2,365) per square foot, or about 15 per cent lower than the tiniest flat released at T-plus, measuring 131 sq ft, which was offered at HK$21,756 per square foot.
“No one wants to buy tiny homes at this stage. The next step for such cubical spaces, that are not designed for home staying, has to be lower prices,” said Alvin Cheung Chi-wai, associate director at Prudential Brokerage. “When one developer of such units began to offer small discounts, others have to follow and make even larger and painful [price] slashing.”
