😱Developer Selling at a Huge Loss😱 Brand New First-Hand Property Above Ho Man Tin Station

Developer invested HK$14 billion in land auction and housing construction.

Total gross floor area of ​​the entire estate: 640,000 sq ft (approximately 60,000 square meters)

Cost price alone: ​​HK$14 billion divided by 640,000 sq ft = HK$21,880/sq ft

(Important: This is a property above a subway station, meaning the developer has to share 25% of the profit with the MTR company.)

Usable area: 937 sq ft

Currently selling for approximately: HK$21 million, average price per sq ft: HK$22,500

That means the developer will only receive HK$15.75 million after the sale!

👆 The unit's cost alone is 937 x .5 million. This results in a loss of 20.5 million - 15.75 million = 4.75 million. 🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️