Cheung Kong City Point units estimated at HK$10,236psf

Pricing for first 350 units was released.

According to Barclays, Cheung Kong has just released the pricing for the first 350 units of City Point in Tsuen Wan.

City Point, with 1,717 units in total, is Cheung Kong’s first large scale (i.e. more than 1,000 units) project launch since it sold The Beaumont in Tseung Kwan O back in 2012.

Here’s more from Barclays:

Headline pricing for the first batch of units was HK$12,149psf (SFA). Net of total available discounts (up to 15.75%), we estimate a net effective price of HK$10,236psf.

At first glance, Cheung Kong appears to have struck a balance between pricing the project attractively but not so cheaply that it worries potential buyers.

Compared with the secondary projects in Tsuen Wan, while City Point’s HK$10,236psf effective price is 17% lower than Vision City’s HK$12,292psf secondary transacted price, it is 6% higher than Chelsea Court’s HK$9,650psf.
Relative to recent property launches, Cheung Kong’s appear to making a relative value proposition.

Considering that SHKP’s Century Gateway II in Tuen Mun was sold for HK$10,128psf and Henderson Land and NWD’s Double Cove Starview in Ma On Shan had achieved HK$11,414psf, Cheung Kong is effectively offering similar pricing but greater proximity to the city.