Mong Kok project co-developed by Urban Renewal Authority all but sells out amid home price rebound fears
- L Living 23 has been developed by Yau Lee Holdings and Urban Renewal Authority
- Project’s average price of HK$20,500 per square foot is below that of some new projects in the neighbourhood
A total of 108 units out of the 117 on offer at the L Living 23 project in Mong Kok were sold on Sunday.
The project has been developed by Hong Kong company Yau Lee Holdings and the Urban Renewal Authority. The 27-storey building is located about a 10-minute walk from the Mong Kok MTR station.
“It is not a surprise that the sales at L Living 23 are this good. Potential buyers are a bit worried that home prices will rebound too fast and they will miss the chance to acquire a cheaper home,” said Derek Chan, head of research at Ricacorp Properties.
“People flock to projects with attractive prices,” Chan said. About 2,500 people – 21 bids for each available flat – put down money to register their interest in the units, which range in size from 276 sq ft to 465 sq ft. They are priced between HK$4.65 million (US$598,576) and HK$12.62 million. This translates to an average price of HK$20,500 per square foot, below the average prices of some new projects in the neighbourhood.
