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Salina Li

Hong Kong developer Lai Sun Development has priced a new residential project in the New Territories at a 10-year low, as builders await improved buying sentiment following the start of the interest-rate cut cycle.
The Parkland, located at 266 Tai Kei Leng in Yuen Long, is a 12-storey building with 112 units. Lai Sun on Thursday released the price list of the first batch of 50 units, which cost an average of HK$9,278 (US$1,190) per square foot. The project is expected to go on sale next week.
The price is 5.3 per cent lower than the average cost of HK$9,807 per square foot for the initial batch of The Parkhill. The project, developed by New World Development, was launched in 2015.
Units in The Parkland range from 265 sq ft to 488 sq ft, with the batch including 40 one-bedroom and 10 two-bedroom flats. The discounted selling price ranges from HK$2.43 million to HK$4.63 million, or HK$8,614 to HK$10,663 per square foot.
All 40 one-bedroom units are priced under HK$3 million.
The cheapest flat is a 282 sq ft one-bedroom unit, priced at HK$2.43 million. It nearly matches the least expensive unit in Domus, developed by Paliburg Holdings in New Territories’ Hung Shui Kiu area in 2015, at HK$2.39 million.

Lai Sun said that it had priced the first batch of flats at rock bottom and that they were the cheapest not only in Yuen Long district but also Hong Kong.
A 40-year-old flat in the same district currently has an asking price of some HK$3 million, according to Centaline Property Agency. The rental return on the first batch of flats is expected to reach 6 per cent, which is believed to be attractive to investors as well, the property agency said.
UBS property analyst Mark Leung said many large developers have already indicated that they will not be cutting prices.
“Only mid-sized or small and highly leveraged developers who are short of cash or nearly distressed will cut prices,” he said.
With the start of the interest-rate cut cycle reducing the burden of mortgage repayments, coupled with a significant drop in property prices, buyers are entering the market again, said Louis Chan Wing-kit, CEO of Centaline.
“At the same time a number of tenants are planning to switch from renting to buying as rents continue to rise,” he said.
Residential rents in Hong Kong jumped to the fourth-highest level on record last month while prices of lived-in homes slumped to an eight-year low.
The official index of residential rents in the city rose 1.13 per cent to 197.5 in August from July’s reading of 195.3, according to data released by the Rating and Valuation Department on Thursday. Rents have surged 6.8 per cent from a year earlier.
Meanwhile, secondary home prices in August sank 1.72 per cent month on month to an index reading of 292.1, the fourth straight monthly decline and the lowest reading since the gauge hit 287.6 in August 2016. Lived-in home prices have dropped 13.32 per cent year on year and 6.17 per cent since the end of 2023.
Centaline’s Chan said that more than 400 transactions have been recorded in the primary market this month.
After the interest-rate cut, developers have accelerated the pace of property sales. The market is expected to record around 800 transactions in September and 2,000 in October, which would be a seven-month high.


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Hong Kong developer Lai Sun prices The Parkland in Yuen Long at 10-year low to lure buyers

The Parkland, located at 266 Tai Kei Leng in Yuen Long, is a 12-storey building with 112 units. Photo: Handout

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The first batch of 50 units at The Parkland in Yuen Long has an average price of HK$9,278 per square foot


The first batch of 50 units at The Parkland in Yuen Long has an average price of HK$9,278 per square foot.


Hong Kong developer Lai Sun prices The Parkland in Yuen Long at 10-year low to lure buyers

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The first batch of 50 units at The Parkland in Yuen Long has an average price of HK$9,278 per square foot

The first batch of 50 units at The Parkland in Yuen Long has an average price of HK$9,278 per square foot