Hong Kong property: The Highline’s discount pricing helps sell over 50% of the units
- The developer Right Honour Investments sold 43 of the 78 units available in the first batch on Wednesday.
Sales at a new residential project on Hong Kong Island petered out after starting briskly despite the developer pricing the flats 20 per cent cheaper than a property launched in the same neighbourhood three years ago.
Right Honour Investments, the developers of The Highline, eventually sold 43 of the 78 units available in the first batch on Wednesday, according to Midland Realty, the project’s sole agent. A total of 306 buyers had preregistered for the flats.
The units comprised studios, and one and two-bedroom flats, with areas ranging from 211 to 524 sq ft. They were priced from HK$3.88 million (US$497,000) to HK$14.68 million, or HK$18,405 to HK$28,021 per square foot.
The average price was HK$22,719.
The developer, a unit of Shanghai Commercial Bank, surprised the market by pricing the project some 18 per cent lower than the prevailing rate of about HK$26,000 per square foot in the area, according to Midland Realty.
It was also more than 20 per cent lower than the first batch of flats in Kennedy 38 launched in November 2021, according to the property agency.
Two of the three units that were put up for tender were also sold, according to Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau.
