Topside Residences Launches in Jordan with Competitive Pricing

CSI Properties (0497) has released its inaugural price list for the Topside Residences in Jordan, setting the starting price for the 52 units at HK$4.79 million.

Located in a densely populated urban area, the first batch of flats is priced at an average of HK$19,388 per square foot after discounts. This represents a 19 percent reduction compared to the prices at Arbour, a neighboring development launched four years ago. Furthermore, these prices are nearly 20 percent lower than those of second-hand units currently on the market in the same district.

CSI executive director Barry Ho Lok-fai highlighted that the pricing strategy positions these urban homes at a level comparable to those in the New Territories. However, deputy managing director for residential sales, Mark Pak, cautioned that prices are expected to rise in future batches.

This pricing approach follows a trend among developers such as Wheelock Properties, who initially set prices reflective of levels from four or five years ago. This strategy, despite the risk of incurring losses, is intended to gauge market sentiment. Developers may then implement modest price increases in subsequent releases if the initial units receive a positive market response.

The 52 units at Topside Residences are being offered with discounts, with prices reaching up to HK$11.59 million. Among these, eight flats are listed at around HK$5 million after discounts. The available units include 21 one-bedroom, 28 two-bedroom, and three three-bedroom apartments.

The public will have the opportunity to view the show flats starting tomorrow. Centaline Property Agency predicts that the first batch will sell out quickly due to its competitive pricing.

Topside Residences, overall, will feature 259 units ranging from one- to three-bedroom apartments with sizes between 232 to 1,589 square feet.

In a related development, phase IIB of Onmantin in Ho Man Tin, a project by Great Eagle (0041) and MTR Corp (0066), received over 6,000 checks by 4 pm yesterday, indicating a 22-fold oversubscription. Sales for the first round of 260 units are scheduled to commence this Saturday.