Developers deploy discounts to sustain sales in January

Sun Hung Kai discounted its Ma Tau Kok apartment complex by 50% on average.

Hong Kong’s property developers continue to package their home offerings with attractive discounts in a bid to enjoy strong sales in line with the SAR’s weakening property market, reports South China Morning Post.

Also read: Developers deploy discounts to offset mortgage rate hikes

Sun Hung Kai Properties managed to sell all of its 155 flats in the first batch at Downtown 38 apartment complex Ma Tau Kok over the weekend with unit prices ranging between $17,621 to $19,193 psf. The developer discounted prices by 50% on average compared to a similar project in the same neighborhood.

The psf figure is cheaper than the Oasis apartment complex in Kai Tak, which sold in October 2018 at a range of $28,816 to $41,503 per sq ft.

Also read: All roads point to a correction in Hong Kong property market

In a similar development, China Overseas Property disposed 322 of 486 flats at The Regent Complex where prices ranged from $11,105 to $14,555 psf. Prices for The Regent were around 32% lower than Sun Hung Kai’s St Martin apartments in the same neighbourhood, which were launched at $18,698 per sq ft in July 2018.

After almost ten years of housing market bull-run, Hong Kong's heated housing market is finally trending downwards as both home prices and sales take a beating under escalating trade tensions between the US and China and the slowdown in the Mainland economy.