As much as 80 per cent of the 143 units of Kerry Properties' luxury residential project in Sheung Wan that were put on sale, were snapped up in about five hours yesterday.
Transactions of SOHO189 apartments averaged about HK$15,300 per square foot.
Chu Ip-pui, executive director of Kerry Properties, said he expected to generate revenue of about HK$2 billion if all 143 units - ranging from 770 sq ft to 1,180 sq ft - are sold.
The 149-unit project is slated for completion in the first quarter of 2013. The remaining six units - ranging from 1,700 to 2,000 sq ft - will be sold through private negotiations at between HK$24,000 and HK$26,000 per square foot.
The developer said investors made up 70 per cent of the buyers, of which a few are mainlanders. Agents said the project mainly caters to investors, as the developer invited Hong Kong Sotheby's International Realty to provide leasing and management services.
Sammy Po Siu-ming, a director at Midland Realty, said the strong sales was 'largely fuelled by excess liquidity and low interest rates'.
He said investors preferred to invest in property due to the stock market volatility.