Ap Lei Chau PORTO launches 50 units first, with prices more than 30% higher than those in the same area

1、 The first batch of 50 units with diverse layouts will start at 4.838 million yuan in real value

PORTO is located at 9 Ping Lan Street, Ap Lei Chau. It is a single building design and offers a total of 174 residential units, ranging from open plan to three bedroom units with a usable area of 192 to 757 square feet. This is the first price list to launch 50 units, including 10 open plan units, 24 one bedroom units, and 16 two bedroom units, with a practical area ranging from 214 to 438 square feet.

In terms of price, the developer offers two payment methods. After deducting a maximum discount of 19.5% and cash allowances of HKD 38000 or HKD 58000 for furniture, the actual selling price ranges from HKD 4.838 million to HKD 10.003 million, and the actual price per square foot ranges from HKD 19882 to HKD 24449, with an average price per square foot of HKD 22318. The admission unit is an open plan unit located in Room H on the 3rd floor, with a usable area of 214 square feet. The discounted price is 4.838 million yuan, and the price per square foot is 22607 yuan.

2、 The pricing is significantly higher than the same area, more than 30% more expensive

The price offered by PORTO this time is extremely aggressive, with a significant premium compared to the first and second hand projects in the area. The data shows that the average discounted price per square foot of the project is more than 30% higher than that of COASTO, a new property in the same region; The discounted price per square foot for two bedroom units is also about 31% higher than the recent transaction price per square foot in the nearby second-hand housing estate, Shenwanxuan, and the overall pricing far exceeds the market level in the area.

Compared with the same district, the COASTO launched by Hong'an Real Estate earlier had an average price of about 17085 yuan per square foot in the first batch. Even if the subsequent transaction price rises to 21000 to 23000 yuan per square foot, it is still lower than the average price of PORTO. As a well-established second-hand housing estate in the area, Shenwanxuan has recently had an average transaction price of only 16106 yuan per square foot for two bedroom units, which is significantly lower than PORTO.

3、 Behind the high prices: discount contraction+support from the rebound of the real estate market

The core reason for PORTO's aggressive pricing this time is the dual support of developers reducing their discount efforts and the expectation of a rebound in the real estate market. It is reported that compared to the usual discount range of 25% to 30% for new properties in the same area earlier, PORTO's highest discount is only 19.5%, significantly narrowing the discount space and directly pushing up the discounted price.

At the same time, the Hong Kong property market has continued to recover since mid to late last year, with the housing price index rising for ten consecutive months and active market trading. In April, the number of transactions in the primary market exceeded 2000, while the supply in Hong Kong Island was scarce, accounting for only about 130 cases. The supply-demand imbalance supported the upward trend in property prices. Cheng Deyun, Executive Director of developer Hong'an Real Estate, stated that the opening price this time is a "profitable TO price", fully considering the transaction prices of neighboring projects and regional development potential, and full of confidence in the future market and market capacity.