Hong Kong protests fail to dampen demand for micro flats as T-Plus project in Tuen Mun sells nearly all available units
- The development included a dozen units smaller than a parking space, all of which sold for HK$1.73 million (US$222,200)
- By 9pm on Sunday, all but five of 344 units on sale at T-Plus had found buyers
The allure of a property “bargain” in Hong Kong may be stronger than concerns about the recent social unrest that has rocked the city if sales of tiny, heavily discounted, flats at a major project in Tuen Mun today were anything to go by.
By 9pm on Sunday, 339 of the 344 units – worth over HK$1 billion (US$130 million) – on offer at T-Plus had been bought, making it the largest weekend property sale since the huge rallies against the government’s proposed extradition bill began last month. Sales are set to continue until 11pm and resume on Monday.
The project, jointly developed by Jiayuan International Group and Stan Group, included a dozen so-called micro flats with a price tag of HK$1.73 million (US$222,200), the cheapest new properties to come to market in the city in the last five years. Measuring just 128 square feet, the flats are smaller than a car parking space and are aimed at first-time buyers.
Their dinky size did not put people off; all 12 were snapped up on Sunday. The five unsold units were all larger, two-bedroom flats, agents said.
CK Asset Holdings sold apartments measuring 165 square feet at its Mont Vert project in Tai Po for HK$1.65 million in 2014.