Sino Land’s low-price strategy pays off as first batch of Grand Central flats in Kwun Tong is sold out
- Developer Sino Land sells all the 488 flats on offer in the first batch at its Grand Central project in Kwun Tong
- The project’s success comes only a week after another project in Tuen Mun sold just two flats
A low-price strategy has proved effective in attracting anxious buyers as a prime residential project generated the strongest sales since October amid a property market correction in Hong Kong.
In stark contrast to recent disappointing sales launches, buyers shrugged off the cold weather to snap up the entire first batch of 488 flats on offer at Sino Land’s Grand Central 1,999-unit development in Kwun Tong on Thursday.
“I’ve done some comparisons, and I found the price really attractive,” said Li, the first buyer of the project in East Kowloon.
Li, who did not give her first name, paid HK$16 million (US$2.05 million) for a three-bedroom flat.
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Sino Land offered an average discounted price of about HK$17,388 per square foot, 14 per cent lower than similar new project launches nearby.