Hundreds queue for Ma On Shan flats
Hundreds of homebuyers yesterday crowded into a sale site at Tsim Sha Tsui for a new residential project in Ma On Shan on the eve of the mainland's 'golden week' holiday.
Cheung Kong (Holdings) released the second batch of 138 flats at its Oceania residential project, as developers rushed to tap a revival in market sentiment during the holiday and prior to the chief executive's policy address later this month.
This batch was being offered at a lower than expected average price of HK$6,000 per square foot as the developer bid to drum up home sales.
A potential buyer from Beijing, identified only as Gu, said he had hoped to be able to buy a 1,000 square foot flat with a budget of HK$2 million to HK$3 million. The clothes trader and his wife said they were looking for a flat for investment and their unborn child's future. They intended to stay in Beijing after the purchase.
Another potential buyer from Shanghai, Huan, said he was looking for a 1,200 sq ft flat for a family of five. He said he was planning to migrate to the city and was not worried by the prospect of a price tag between HK$7 million and HK$9 million.
A woman from Shenzhen said she was confident she could buy a 1,000 square foot unit for HK$6 million. She said the flat would be an investment, and she felt the Hong Kong government's measures to cool the property market would not be as strong as those by mainland authorities.
Mainlanders were not the only ones looking to buy yesterday.
Wendy Cheung, 32, who works as a clerk in the city, said she had a budget of HK$5 million to buy a three-bedroom flat of about 1,000 square feet.
She said: 'It will be for [fighting inflation]. I'm not that worried about the effects of the government's measures against flat speculation, as the government itself doesn't want to topple the market.'
Another local buyer, Ivy Cheung, who lives in Ma On Shan, said she wanted a 1,200 square foot flat for her family and expected to pay about HK$9 million.
Sun Hung Kai Properties will start selling the first 28 villas at its Valais project for an average of HK$8,388 per square foot today. The cheapest villas are priced at HK$8,100 per sq ft, or around HK$20.5 million.
Nan Fung Development released on Monday the first price list of 30 homes - mostly studio flats - at Queen's Cube for an average of HK$15,570 per square foot.
Flats float
Cheung Kong put 138 flats on sale at its Oceania project
The average price per square foot was less than expected at, in HK dollars,: $6,000
