BUYERS have swarmed Wheelock Properties' sales offices compelling the developer to sell its Parc Oasis units before next Tuesday's official launch date.
Managing director Ray Tse Chee-on admitted they had gone against the rule of the game by accepting bids for the Yau Yat Chuen development.
'You can say that we have sold units, but it is beyond our control,' he said.
'Initially, we were reluctant to accept [cheques], but there were more and more people interested, until a stage when it became a buying frenzy,' he said.
'We had six to seven more days before the sale. The problem would have built up if we didn't tackle it.' Wheelock registered the buyers and accepted their cheques for reserved units, but sales and purchase agreements are not expected to be signed until Tuesday.
Mr Tse said if all the 179 units on offer were sold, the company would earn about $800 million.
The latest phase of the Parc Oasis development, comprising eight residential blocks, was expected to generate about $1.6 billion, he said.