Softening property market a big test for tiny flats



Posted by Ed 6 mths ago
The T-Plus residential project in Tuen Mun was launched on Wednesday with an average price of nearly HK$17,000 per square foot for the first batch of 73 apartments.

It’s a joint venture project between mainland developer Jiayuan International (2768.HK) and Hong Kong’s Stan Group.

T-Plus has attracted a lot of attention since most of the 365 apartments are the so-called nano flats. Some apartments have an area of just 128 square feet. And there are up to 29 flats on one floor.

The project was first revealed in November 2016, and it quickly stirred public outcry due to the super-tiny size of its flats.

The land plot that will house T-plus changed hands a couple of times since 2014, and the price has surged many times over the period.

Chun Wo and its partner won the site in 2014 for HK$230 million. That represents a floor price of merely HK$1,530 per square feet, the lowest in Tuen Mun for over 12 years.

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