Hong Kong’s homebuyers turn up in droves in a bout of revenge buying to snap up half of Wheelock’s Monaco Marines flats at Kai Tak
- Wheelock sold 238 of the 308 flats at its Monaco Marine project at the former Kai Tak airport as of 9:30pm, with about 13 bids for every available flat, agents said
- The first batch of flats released for sale comprised 306 units with between one and three bedrooms, priced from HK$7.96 million to HK$20.4 million (US$2.6 million)
Hong Kong’s homebuyers returned in droves after a three-month hiatus, snapping up almost half of the new flats offered by Wheelock Properties at bargain prices.
Wheelock sold 238 flats, or 77 per cent of the 308 flats on offer at its Monaco Marine project at the former Kai Tak airport as of 9:30pm, with about 13 bids for every available flat. The favourable response would bolster sentiments in the city’s flagging property market amid an economic slump and rising joblessness, agents said.
“The good response today reflects [the fact] that the market does respond well to quality flats in good locations at attractive prices,” said Sammy Po, chief executive of Midland Realty’s residential division. “I am optimistic about the market’s outlook in the second quarter.”
Monaco Marine, due for completion in March 2023, comprises 559 apartments in four residential towers.