More than half of the 341 flats in #Lyos range in size from 202 to 292 sq ft.
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Living in 15 sq ft: Inside Hong Kong’s coffin homes
Living in 15 sq ft: Inside Hong Kong’s coffin homes
The cheapest unit, measuring 202 sq ft, will be offered for HK$3 million, which translates to HK$14,846 per sq ft.
The same sized flat was priced at HK$3.53 million back in 2021, when the project carried an average price tag of HK15,503 per sq ft, a record for a newly built home in the area at the time.
For the garden duplexes, the discounts stretch to 32 per cent, according to the developer. These units are priced from HK$11.3 to HK$12.8 million.
The cheapest measures 788 sq ft and carries a price tag of HK$11.3 million, or HK$14,353 per square foot.
Home prices are likely to rise by 5 per cent to 10 per cent by the end of this year as second-hand transaction volume and prices rebound, the developer said.
Hong Kong’s residential property transactions have seen an immediate uptick since the removal of all cooling measures.
At the weekend, homebuyers continued to be enticed by bargains as they snapped up all 210 flats available at Sun Hung Kai Properties’ new project in Yuen Long.
This month’s first-hand transactions could reach 2,500, compared to 1,800 in April, according to a forecast by Centaline.
At the same time, the Hong Kong Monetary Authority eased mortgage restrictions, making homes valued at less than HK$30 million eligible for 70 per cent mortgage financing, compared with the previous cap of 60 per cent for homes valued between HK$15 million and HK$30 million.