Home buyers emerging from the gloom of Sars yesterday took advantage of a price war between developers to snap up nearly 170 units at two residential projects at Tsing Yi and Tung Chung.
Hutchison Whampoa sold 100 units at its Rambler Crest project at Tsing Yi while rivals New World Development and Henderson Land Development sold 68 units at Seaview Crescent in Tung Chung, property agents said.
Hutchison's low-price strategy has lured buyers away from the Tung Chung project, the agents said.
Hutchison had sold 600 Rambler Crest units, including the 100 yesterday, since the project was offered for sale last week.
This represents about 38 per cent of the 1,560-unit development project.
Last Thursday, Hutchison fired the first shot in the price war by releasing 12 units at Rambler Crest for public sale at an average price of $1,688 per square foot, which agents said was more than 20 per cent below the market rate.