Hong Kong Housing Society selling fourth batch of units at Hollywood Terrace in

Richard Woo

The Hong Kong Housing Society is selling the fourth batch of 176 units at Hollywood Terrace in Sheung Wan for an average of $3,967 per square foot, 5 per cent up on the first release.

A total of 464 flats at the 35-storey development are now for sale, representing more than 80 per cent of the development. The newly released flats are located between the fifth and 28th floors.

The marketing consultant for the project, Jones Lang LaSalle's regional director Joseph Tsang, said the society might consider releasing the remaining 86 units on the top floors at the official sale on Saturday if response was encouraging.

The property had secured registrations from more than 2,400 prospective purchasers' up until yesterday, the highest figure for new projects in recent months.

However, analysts said the society had kept the price increase for the new batch of units to a modest 5 per cent because prospective buyers were still price-sensitive.

On the first day of registration last Wednesday, more than 1,300 applications from prospective buyers were received, the best first-day result since the Asian financial crisis. Registration is to close today.

Located at 123 Hollywood Road and 268 Queen's Road Central, Hollywood Terrace has two towers and 550 units, with sizes ranging from 755 sq ft to 975 sq ft.