90 per cent of One South Lane first-batch units sold to investors
Nearly nine out of 10 flats at a small development in Kennedy Town were sold to investors yesterday, an industry observer said - their appetite whetted by rents hitting a record high in July.
Nearly nine out of 10 flats at a small development in Kennedy Town were sold to investors yesterday, an industry observer said - their appetite whetted by rents hitting a record high in July.
In just three hours, Chinese Estates Holdings sold the entire first batch of 40 flats, with sizes ranging from 210 to 268 sq ft, at One South Lane after sales kicked off at 10am.
The single block, due to be completed in April 2016, comprises 92 units.
"About 80 to 90 per cent of buyers were investors. There were at least four buyers who bought two units," said Sammy Po, the chief executive of Midland Realty's residential department.
Po said the units could rent for HK$80 per square foot a month.
On Friday, the Rating and Valuation Department released its monthly rental index for private homes for July, showing it climbed to a record 157.7, eclipsing the previous record of 157.2 set in November last year.
Listed prices for One South Lane were HK$5.31 million to HK$7.51 million, or HK$25,314 to HK$27,877 per square foot.