Sun Hung Kai Properties (SHKP) sold less than 10 per cent of its luxury Castello residential development in Sha Tin over the weekend, according to property agents in the area.
The developer sold a maximum of 100 units out of its total of 1,774, they said.
The poor sales result was bad news for the market as Castello had been the first major residential block on the market since the Government's $44 billion relief package was announced two weeks ago.
Agents said the poor response indicated the Government rescue package was not enough to stimulate the market in the long term. Poor market sentiment and future price reductions discouraged sales.
One agent, who requested anonymity, said SHKP had only managed to sell about 40 units all weekend.
Half the units were priced at $3,600 per square foot and the other half 2 to 4 per cent higher.
