First 300 flats on the market in Hong Kong this year sell out in 7 hours
Legal problems of former Sun Hung Kai co-chairman fail to deter homebuyers eager to snap up first batch of Century Link units
The first batch of 300 flats in Sun Hung Kai Properties' Century Link development in Tung Chung - the first project to go on the market this year - sold out in less than seven hours yesterday.
The flats went on sale at 10am and were sold out well before close of business at 6pm, according to two property agents who declined to be named.
It was the developer's first sale since Thomas Kwok Ping-kwong was found guilty of bribery and resigned as the company's co-chairman last month.
He was jailed for five years for illegally paying former chief secretary Rafael Hui Si-yan HK$8.5 million. He is appealing against the conviction.
Properties on sale included flats with one or two bedrooms and net floor areas ranging from 408 to 645 sq ft, priced at HK$4 million to HK$6 million.
Many buyers had their eyes on the smaller one-bedroom flats, which had sold out by early afternoon, according to the property agents.
The cheapest flat was a 412 sq ft unit on the first floor priced at HK$4.09 million before the discount - or HK$9,948 per square foot in terms of saleable area. After the discount of up to 10.5 per cent, the price would be HK$3.66 million, or HK$8,904 per square foot.