Update | Hong Kong’s biggest housing sale starts with a roar as 750 units snapped up during weekend sales at Wheelock’s Lohas Park
All 750 units on offer over the weekend were sold, with the first 100 units being snapped up within 90 minutes on Saturday, agents said
Hong Kong’s housing market is showing no sign of slowing, as a throngs of prospective buyers vied to get their hands on the biggest weekend launch of newly built flats this year, before the city’s mortgage payments rise in tandem with higher interest rates.
All 250 apartment units at Wheelock & Co’s Malibu complex at Lohas Park, were sold on Sunday, the second day of the sale, adding to the 500 that were sold on Saturday, according to the company.
Property agents said that the average price per square foot for the Sunday sales were 5 per cent higher, or more than HK$15,000, from the average price transacted on Saturday. The positive momentum seen over the weekend came amid total subscription interests of 27-28 times the initial 320 units first marketed by the developer on March 1.
“The enthusiastic response received for this project is indicative of the strong buying demand in the market for new property launches,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division.
He added that Malibu, located near the Lohas Park MTR station, has generated strong interest owing to attractive initial prices quoted by the developer, which were lower compared to those of other recent launches in nearby districts of Tseung Kwan O.
The first 100 units sold on Saturday were snapped up within the first 90 minutes of the launch, the developer’s managing director Ricky Wong Kwong-yiu said.