Hong Kong’s A 12 percent discount was offered at one of the best locations in the city for a waterfront housing development, but buyers turned it down. This is a sign that the real estate market will continue to struggle.

Agents The first phase of the sale included a single apartment. Miami Quay Project in Kai TakThe 50 units remaining from the original order were re-used to create this product. September 2022 launch. The After an average discount, flats ranged in price from HK$5.8 (US$742,215) to HK$18.9 after a 12 per cent reduction.

“It was a bit disappointing,” You can also read about the importance of this in our article Sammy Po SiuThe chief executive officer of the Residential Division, Mr. -ming Midland RealtyThe company runs one of Hong Kong’s Most extensive network of property sales agents. “The flats are leftover units and expectations were not high given the current weak market sentiment.”

The woeful result underscores how Hong Kong’s Developers are forced to cut their prices dramatically to get rid of their unsold inventory. Investors and homeowners alike have been pushed to the sidelines by high interest rates, a glut of supply and stubbornly high interest.

Wheelock Miami Quay Waterfront. Photo: Handout

Hong Kong’s There were more than 20,000 unsold houses in February The government slashed a variety of taxes and regulations to stimulate the demand. Since The US Federal Reserve The Bank of England had delayed its plans to cut interest rates. Hong Kong’s Analysts say that the currency peg in the city is responsible for high funding costs.

Recent JLL says that launches in 2016 had to lower prices up to 10% compared to 2015’s similar projects.

Phase One of Miami Quay It is a joint effort between several Hong Kong’s biggest developers: Wheelock Properties, Henderson Land, New World Development You can also read about the Empire Group. Sited The runway was formerly known as the Kai Tak The location provides unobstructed views of the waterfront from the airport. West Kowloon LionRock, a district in the heart of Toronto. Kowloon.

Developers We had to offer steep discounts in other places Kai Tak To boost sales. New World You can also find out more about the following: Far East Consortium This week, the price of the 60 first flats is reduced to the lowest possible level. Pavilia Forest What is the project that I’m working on? eight-year lowAccording to, the price of a new launch in the same neighborhood is HK$16.008 per square meter, which represents a discount of up to 18.0%. Midland.

Some Local developers use cash rebates to lure buyers.

The Sales You can also find out more about the following: First-hand Residential Properties Authority (SRPA), a group of property agents, said that they had observed some developers paying very high commissions for the purpose of boosting sales. However, these agents passed on those rebates to clients.

Cash rebates – a form of under-the-table discounting through private negotiation – to attract buyers – can reach as much as 50 per cent of the value of a new property.

Source link