Strong sales at Wheelock’s Monaco project bode well as hundreds queue for Hong Kong’s first new homes launch of 2021
- Developer sells all flats on Sunday thanks to their relatively low prices and good location
- More than 3,700 potential buyers registered to bid for the 145 flats in Kai Tak priced between HK$20,368 and HK$25,708 per square foot
“The sales of Monaco got a very strong response from buyers. This is because the price is very attractive at about 15 to 20 per cent lower than some flats in the same district,” said Sammy Po, chief executive of the residential division of Midland Realty.
“The location is important, as the government wants to develop Kai Tak from a former airport area into a new business centre with a good transport network, offices, and big shopping centres. Many buyers believe the home prices in this area will see strong growth in future,” he said.
Over 3,700 potential buyers registered to bid for the 145 flats which are priced between HK$20,368 and HK$25,708 per square foot. It is the debut sale of phase one of the Monaco project, which comprises 399 flats in two towers to be completed by the end of 2022.
The smallest unit, a studio flat measuring 280 sq ft, is priced at HK$5.97 million while the largest 762-sq ft, three-bedroom flat is priced at HK$18.89 million after discounts. The bigger flats, at 673 sq ft and 762 sq ft, had all sold out within the first three hours, the Wheelock spokeswoman said.
Several hundred buyers started to queue at about lunchtime on Sunday, forming a long line that encircled the sales office in a shopping centre in Tsim Sha Tsui. Over 40 per cent of the buyers had investment in mind while the others planned lo live in their new homes, Po said.
