The Government's move on Friday to prop up the crumbling property market seems to be paying off early - if the brisk sales of units in a major development in Sha Tin yesterday is any indication.
Sun Hung Kai Properties' (SHKP) Prima Villa development received a good response from prospective buyers, bolstered by Friday's announcement that the Government would stop the sale of 16,000 subsidised flats, and instead rent them out.
SHKP has 1,024 units at its Sha Tin Prima Villa development. It sold 200 units earlier in the week, and yesterday put another 821 up for sale.
The sale was heavily over-subscribed, a SHKP official said. A total of 2,324 applications were chasing the flats - small to medium-size family units of less than 600 square feet.
A computerised ballot system was used to select purchasers, the SHKP official said. 'We had an excellent response. It was very crowded and busy here all day. We will definitely have sold all of them by tonight.' The units had been sold for an average price of HK$3,982 per square foot.
The majority of buyers were locals from the Sha Tin area, from public housing and the Government's home ownership scheme (HOS).