New World to retain queuing for sale of flats
NEW World Development will sell its remaining 60 flats at Scholastic Garden in Mid-Levels next Friday on a first-come first-served basis, despite recent criticisms of such sale methods.
The company said the selling prices, to be announced later, would be slightly higher than in previous sales to take advantage of the general upturn in the market.
It sold the first 68 flats of the project at $6,100 per square foot and a further 50 units at $6,327 per sq ft last month.
A long queue camped outside the project before the official launch of the last sale.
Triad gangs were reported to be trying to control the queue, which triggered calls to use a ballot system and to ban first-come first-served sales.
Developers disagreed and submitted objections against any administrative measures to decide sale methods.
The manager of Midland Realty's Robinson Road branch, Raymond Chan, said the first-come first-served method was simple and effective, especially in helping establish an atmosphere for buying interest.
He expected New World to increase the prices of Scholastic Garden units by 5 to 7 per cent.
Connie Cheung, senior manager of Ricacorp Properties' Central and west Mid-Levels branch, said a 5 per cent price increase would be acceptable to the market.
Smaller units would be in particular demand while sales of larger flats could be slower, she said. Units measure 792 to 1,403 sq ft.
New World sales manager Barbara Ho said Scholastic Garden remained competitively priced compared with nearby three-year-old Lyttelton Garden.