Another sell-out for Vanke as buyers grab all but one flat on offer at The Campton in Cheung Sha Wan
- Vanke sells 93 out of 94 flats in the second batch of its popular project even after raising prices slightly
- Hong Kong’s property market shows signs of revival as transactions jump 46 per cent in May
The developer sold 93 out of 94 flats in the project as of 5:30pm. Some 7,000 registrations of intent were received for the second batch or 74 buyers for each flat. Last Wednesday it sold all 188 flats in the first batch, with 47 first-time buyers competing for each unit.
Market observers said Vanke’s strategy of pricing the project at a significant discount to other developments in the area was key to the huge response, noting that the location, views and a wide range of flat layouts were an added bonus.
“It is definitely cheap,” said Kenneth Lam, senior district director at Centaline Property Agency.
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Lam said that since many flats were priced under HK$10 million, buyers were eligible for the high loan-to-value ratio of 80 per cent, adding that buyers were hardly worried about the city’s economy and the threat of possible US sanctions after Beijing endorsed a national security law for Hong Kong.
The average price of a unit at The Campton’s in the first batch at HK$16,411 (US$2,117) per sq ft was 26.4 per cent lower than the HK$22,309 per sq ft for Evergrande’s The Vertex launched in December 2019. The mainland developer sold just 17 out of 128 flats on offer in the first phase – the lowest of all initial sales last year.