Buoyant buying sentiment in Hong Kong's luxury residential market has helped New World Development and the Urban Renewal Authority reap about HK$3.8 billion from the sale of flats in Tsim Sha Tsui.
The developers said they sold more than 130 units at their luxury residential joint venture, the Masterpiece, over the weekend.
Above the K11 retail complex, the 261-metre-tall building dominates the skyline on Hanoi Road and is the city's second-tallest residential block after Sun Hung Kai's Cullinan.
Selling prices for standard units start at HK$14,000 per square foot, while flats with sea views fetch HK$20,000 per square foot. The cheapest unit costs more than HK$10 million.
The developers started selling the units on Saturday. The first batch of 66 units sold at an average price of HK$17,300 per square foot in the first four hours of the launch. Agents said investors bought more than 40 per cent of the 66 units.
Hong Kong Property Services (Agency) said strong buying sentiment would raise total transactions of luxury residential homes worth HK$10 million or more to a 15-month high of 450 deals next month. That would bring the total number of transactions in the first three quarters to 1,685 deals, surpassing the 1,478 deals achieved in all of last year.