Hong Kong property

Sino Land makes quick work of 336 flats at its Grand Central residential project in Kwun Tong

  • Only two flats remained unsold in the third phase on Sunday after more than 3,300 buyers had registered for the sale
PUBLISHED : Sunday, 23 December, 2018, 9:19pm
UPDATED : Sunday, 23 December, 2018, 10:49pm

Sino Land’s Grand Central residential project in Kwun Tong, East Kowloon, saw another round of buying frenzy on Sunday, as 336 of the 338 units on offer were snapped up by eager investors.

According to the developer, 3,300 people had registered for the sale.

“Although two of the units were not sold on Sunday, the project continues to see strong buying interest,” said Sammy Po, chief executive of Midland Realty’s residential department, the sales agent for the development.

Intrepid 98-year-old woman buys US$1.9 million flat as Sino Land’s discounted Grand Central project is a sell-out

Po said that the strong sales have encouraged the developer to put more units on the market after buyers have stayed on the sidelines following the recent correction in property prices.

Sino Land said a total 1,205 flats at the 1,999-unit Grand Central development were sold as of Sunday as it raked in sales of HK$14.7 billion (US$1.9 billion) – the most for new flat sales in Hong Kong this year.

Sino Land’s low pricing strategy for its Grand Central project has proved effective. The first batch of 488 units that were launched on December 13 were snapped up by investors in less than seven hours.

Last Tuesday, another 380-odd units were sold even though the flats were priced higher than the first batch.

The first batch of flats were offered at an average discounted price of about HK$17,388 per square foot, 14 per cent lower than similar new project launches nearby.

According to local media, buyers including a 70-year-old woman and another female from Anhui province, said they believe the flats were worth investing because the weak property market in Hong Kong would turn around soon.

Sino Land rolls out homebuyer incentives package, including low mortgage lending rates, for Grand Central project

Grand Central offers flats ranging from 452 sq ft to 1,543 sq ft. The project is expected to be completed in April 2021.

Sino plans to release another 108 units and mark up the prices by 1 to 3 per cent, according to sources.

In Hong Kong, investors fear that rising mortgage rates, a proposed vacancy tax and the US-China trade war would further drag down the city’s home prices.

But Richard Lee, chief executive at the real estate agency Hong Kong Property, said there were still many buyers out there if developers were willing to lower prices to a more reasonable level.