2025-03-31 28Hse Editor
The low-density residential project Mori, located in So Kwun Wat, Tuen Mun launched a new price list last Tuesday (December 10), offering 70 units with discounts of approximately 17% compared to previous prices. On December 16, a new round of sales began with 70 units available on a first-come, first-served basis. The average discounted price per square foot was about HK$9,175, with prices starting at around HK$2.48 million. Over the past weekend, the project attracted more than 5,300 visitors, including property investors and families looking to upgrade their homes. More than 150 groups of prospective buyers were expected to attend the evening sales event.
By 10:45 PM, 69 out of the 70 launched units were sold, achieving a 99% sell-through rate and generating over HK$300 million in revenue. Earlier in the evening, bulk purchases were recorded, with one investor spending HK$24.05 million to purchase six units in Block 3. All six units were one-bedroom apartments offering open views. The priciest transaction of the evening was for Unit K on the 18th floor of Block 3, a one-bedroom unit with a usable area of 384 square feet. It was sold for HK$4.148 million, equivalent to HK$10,801 per square foot. Buyers were reportedly drawn to the project’s high investment potential, with some opting to purchase multiple units for investment purposes.
The project’s developer, Road King, expressed confidence in the sales performance, noting the possibility of launching additional units in the near future, with potential price increases. It highlighted several favourable factors, including the government’s relaxation of mortgage limits and falling interest rates, which are expected to continue declining into 2025. It also suggested that these factors would make buying property more appealing than renting, further encouraging market activity.
The latest sales round officially began at 7 PM and featured 70 units ranging from studio to two-bedroom apartments. The usable areas of these units ranged from 291 to 586 square feet, with discounted prices between HK$2.48 million and HK$5.654 million. The lowest-priced unit, located on the second floor of Block 5 (Unit J), has a usable area of 291 square feet and is a studio apartment priced at HK$2.48 million after a maximum 26% discount. This translates to a per-square-foot price of HK$8,522.
The price cuts in this sales round were significant. According to transaction records, a similar studio unit on the 9th floor of Block 5 (Unit J) with the same usable area sold last month (November 9) for HK$3.49 million, or HK$11,979 per square foot. The new price for a similar unit on the 2nd floor is approximately HK$1 million lower, even though it is only seven floors below.
Mori consists of four residential towers, offering a total of 693 units. The standard units range from studios to four-bedroom apartments, with usable areas of 471 to 1,474 square feet. Additionally, the development includes 51 special units, such as four duplexes with gardens or rooftop terraces, and 14 standalone houses with usable areas ranging from 1,540 to 3,419 square feet.
The strong sales momentum suggests that the developer may increase prices in future launches.
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