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Kerry Properties sets low price for Primrose Hill flats

Published: 11 Jun 2009 18:42:14 PST

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Jun. 12, 2009 (China Knowledge) - Kerry Properties Ltd (KPL)<0683>, a Hong Kong-based property investment and development company, has started selling flats at Primrose Hill in Tsuen Wan at prices close to those in the secondary market in the same region, the Standard reported.

The properties developer said that the average selling price of the first 24 regular apartments, which are between 692 and 1,062 square feet each, is HK$5,062 per square foot. Kerry said that the company will offer a 5% discount to buyers who pay in full.

The company expects to attract more buyers by setting low prices first, said Executive Director Chu Ip-pui, adding that the firm plans to raise prices to about HK$6,000 per square foot. In the first stage, Kerry will put 150 flats worth a total of HK$1 billion on the market.

Four lenders are supporting the launch of Primrose Hill, which consists of three blocks with a total of 548 flats. The banks are providing an interest-free package with interest reductions or waivers on primary mortgage loans this year, sources said.

According to China Knowledge's earlier report, Kerry has earmarked HK$180 million to build logistics parks in Chengdu, Chongqing and Kunshan. The three parks, covering potential floor area of 700,000 square feet in total, will be completed in 2010.

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