Hong Kong developer Wheelock sells most expensive unit at its Koko Hills development for US$8.1 million
- Flat measuring 2,024 sq ft sells for HK$62.74 million through bidding process
- Of 34 units available for general sale on the day, only one finds a buyer
Wheelock Properties sold the most expensive flat at its Koko Hills project in Hong Kong’s Lam Tin neighbourhood through a bidding process on Sunday. The flat was offered separately from a batch of 34 units available for sale on the day. Of these, only one found a buyer.
The 2,024 sq ft flat was sold for HK$62.74 million (US$8.1 million), and its sale suggests that strong buying interest for high-priced residential units remains intact in the world’s priciest residential property market despite a resurgence in coronavirus cases.
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“Luxury homes sold at lofty prices are the top beneficiaries of quantitative easing measures around the globe, as fresh capital flows into Hong Kong,” said Derek Chan, head of research at Ricacorp Property. “Pent-up demand among super-rich buyers has been released recently, and they have rushed to buy much-coveted premium properties regardless of a rise in coronavirus infections and escalating US-China tensions.”
Sunday’s sales at Koko Hills follow in the foot steps of a strong response to new homes offered by Sun Hung Kai Properties (SHKP) in the city’s New Territories a day earlier. SHKP, Hong Kong’s biggest developer by market value, sold 105 flats, or about 97 per cent, of the 108 units on offer at its Regency Bay project by 4pm on Saturday. More than 1,700 people, or about 16 people for each available flat, submitted bids at the launch.
The response to Regency Bay itself is believed to be a knock-on effect of the success of Sea to Sky, a development launched by Hong Kong tycoon Li Ka-shing’s CK Asset Holdings in Lohas Park. Half of the units at Sea to Sky were sold this month despite being priced at a premium of 20 per cent over comparable projects in the neighbourhood. As many as 28 bidders vied for every available unit at the CK Asset development.