Ellery Terrace units sold

PUBLISHED : Tuesday, 09 October, 2001, 12:00am
UPDATED : Tuesday, 09 October, 2001, 12:00am

An investor has paid HK$197 million for 27 flats and nine car-parking spaces at China Overseas Land & Investment's Ellery Terrace project in Ho Man Tin.


The 27 units, ranging from 1,169 square feet to 1,475 sq ft, were priced between HK$4,500 and HK$6,200 per square foot. There was a HK$900,000 price on each car-park space.


A China Overseas official said the sale equalled a price of about HK$5,600 per square foot.


He indicated falling interest rates were encouraging many investors to look for quality properties.


Ellery Terrace, released late last year, still has eight unsold units, including three duplexes and a triplex - ranging from 2,400 sq ft to 3,500 sq ft.


Earlier this year, the developer said it had sold a triplex unit at an average of more than HK$8,000 per square foot. The other units were priced at between HK$5,000 and HK$6,000 per square foot.


The project has drawn modest market response due to cautious buying sentiment for luxury units.