Hollywood Terrace sale 'best' since Asian crisis

The Hong Kong Housing Society has registered more than 1,300 prospective buyers for the sale of its Hollywood Terrace project in Sheung Wan.

It was the best first-day registration response for a new project sale since the Asian financial turmoil started in 1997, according to Joseph Tsang, regional director of Hollywood Terrace marketing consultant Jones Lang LaSalle.

Analysts described it as a good response amid an uncertain market, coming only a week after another new development, Royal Peninsula in Hunghom, reported poor sales.

Mr Tsang said the result confirmed that market demand for property was strong but the supporting level of prices had to be found.

Royal Peninsula's poor response had been due only to the price, he said.

Sunny Yau, Midland Realty assistant manager, Western Mid-Levels, said the main reason for Hollywood Terrace's good response was its lower prices.