Wheelock’s Monaco Marine project in Kai Tak proves popular with Hongkongers as second batch of flats sells briskly
- Wheelock said it sold 30 of the 112 units at Monaco Marine, netting HK$400 million (US$51 million) within an hour of the flats going on sale
- The average price of flats was HK$26,630 (US$3,400) per square foot, 7 per cent higher than the launch price of HK$24,844 per square foot
Wheelock said it sold 30 units at Monaco Marine, netting HK$400 million (US$51 million) soon after sales opened at 6:30pm on Thursday. The flats had received 3,600 applications from prospective buyers, local media reported.
The sales “reflect keen market demand for high quality units in Kai Tak”, a Wheelock spokesman said.
The average price of flats was HK$26,630 (US$3,400) per square foot, an increase of 7 per cent from the launch price of HK$24,844 per square foot last Saturday. The units on offer ranged from 326 sq ft to 616 sq ft, costing between HK$8.6 million and HK$17.6 million.
“As the pandemic is brought under control gradually, Hongkongers will continue to snap up new units if the developers do not set prices too high,” said Martin Wong, director of research and consultancy for Greater China at Knight Frank. “There has been unmet demand during the fifth wave of the pandemic.”
Last Saturday, Wheelock sold more than three quarters of the 308 flats on offer in the inaugural batch, the first major sales launch in the city since late January, receiving nearly 13 bids for every available flat. These flats were priced about 12 per cent cheaper than another project in the same neighbourhood that went on sale last summer.
The recovery in market optimism came amid Hong Kong’s first week of easing its most stringent Covid-19 social distancing measures since the pandemic began two years ago.
“I think the market will slowly recover and then will have a stronger recovery once quarantines are lifted,” said Victoria Allan, founder and managing director of property agency Habitat Property, adding that sentiment was starting to improve.
She said that developers will be more aggressive in launching other projects when the government further eases travel restrictions, allowing for more normal business operations in the city.
As pandemic restrictions ease, Hong Kong developers are set to sell more homes in the coming days.
More than 800 flats from four projects in Kowloon and the New Territories will be made available in the coming two weeks, according to data compiled from impending property launches.
Sales of new homes are likely to hit 1,200 units in April, said Derek Chan, head of research at Ricacorp Properties.
If so, it will be the busiest month since 1,493 units recorded in December, according to Land Registry data. They could reach a 10-month high of 2,000 in May, he predicted.
