2025-02-21 28Hse Editor
Wang On Properties (1243) has officially released a pricing strategy geared towards affordability for its new Phoenext development in Wong Tai Sin. The initial batch of 50 units is being offered at enticing rates, with one-bedroom flats listed below the HK$4 million mark and two-bedroom variants under HK$6 million, post-discount.
The average square foot cost at Phoenext stands at HK$15,326 after discounts are applied, which is nearly 15 percent lower than a comparable development in adjacent Kowloon City launched last November. These prices also undercut the secondary market in Wong Tai Sin by up to 20 percent, emphasizing the competitiveness of the new project.
The first 50 flats, comprising two studios, 26 one-bedroom, and 22 two-bedroom apartments, range in size from 200 to 356 square feet. Post-discount prices range from HK$3.39 million to HK$5.77 million, which breaks down to HK$14,251 to HK$19,083 per square foot.
Prospective buyers can start submitting checks tomorrow, coinciding with the public opening of the showrooms. Sales could potentially kick off as early as the following weekend, indicating a swift move to capitalize on market demand.
Wang On is pricing these homes to align with the substantial market demand for affordable housing options. The Phoenext project will ultimately offer a total of 230 units, varying from studios to two-bedroom apartments, with sizes spanning from 178 to 375 square feet.
The Wong Tai Sin site, acquired via compulsory sale in 2021, was projected to represent a total investment of around HK$1.3 billion by Wang On, which would average out to approximately HK$16,000 per square foot.
The developer has abstained from commenting on whether the current discounted selling prices would result in a loss. However, property agents are predicting rental yields from the project to hit around HK$50 per square foot, suggesting that owners could anticipate returns exceeding 3 percent.
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