Hong Kong’s first home sale of 2018 poised to sell out as buyers get in ahead of mortgage increase

Wheelock & Co., which last week kicked off Hong Kong’s first large-scale sale of residential property this year, is poised to extend the success of its campaign for the second week running.

A third batch of the developer’s Malibu apartment complex at Lohas Park in Tseung Kwan O, totalling 160 units, sold out on Friday for a total HK$1.37 billion (US$174.7 billion), or an average price of HK$15,827 per square foot after discounts, 7 per cent higher than two earlier batches a week earlier.

Another 160 units offered on Saturday received bookings for 140 units, or 87 per cent, as of 9pm, sales agents said. The remaining 20 units are expected to be snapped up, they said.

The Malibu complex, comprising 1,600 apartment units, is expected to turn Lohas Park into Hong Kong’s largest residential enclave, with an estimated 58,000 residents accommodated in 21,500 flats, when the project is completed in 2025.

So far, Wheelock has posted HK$7.77 billion in revenue from selling 910 units in three batches.

Sales had been brisk on Friday and Saturday, with 5,000 buyers registering to bid for 320 units over the two days, or an average of 15 buyers for every available flat.

“The sale is supported by strong demand from owner-occupiers and long-term investors,” said Louis Chan Wing-kit,Asia-Pacific vice-chairman of residential property at Centaline, whose agents helped 10 customers book two units each for about HK$20 million. “The market still has plenty of liquidity.”