'The Harbourside' locks up cash flow of HK$2.1billion

Posted: Aug 29 2014Last Updated: Aug 29 2014

The Harbourside, Kowloon Station, Hong Kong29 August 2014 - Hang Lung Properties (0101) announced that it would be selling its remaining 225 luxury apartments at “The Harbourside” in Kowloon Station. The first batch of 48 units will be put on the market tomorrow and have already received 4,200 cheque deposits by potential buyers for registration. This has resulted in HK$2.1 billion in cash flows being frozen as of yesterday's registration deadline.

The first batch of 48 units located at low and middle floors of Blocks 1, 2 and 3 have saleable areas of between 809 to 1,133 sq. ft. Prices range from HK$18.25 million to HK$34.36million (HK$22,559 to HK$30,910 per sq. ft.).
Including stamp duty cash rebates and the standard discount terms provided by the developer, the starting prices of the brand new apartments are far below HK$20,000 per sq. ft., which is about 20% lower than the second hand properties within the development. For this reason, is attracting the attention of many buyers.
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