UpdatePoly sells almost 80pc of flats launched at Kai Tak project
New World Development, pioneer of the HK$10 million one-bedroom flat, sells a unit at Pavilla Bay to a mainland Chinese buyer on Saturday, sets price record for the New Territories.
Close to 80 per cent of 231 units offered by Poly Property Group have been snapped up at the Vibe Centro residential project in Kai Tak, bringing the developer total sales proceeds of HK$2.3 billion (US$295million), with 57 of 108 units offered on Sunday sold by 8pm.
It is the latest sales results reported by a developer, on a project at the site of Hong Kong’s former airport in east Kowloon that saw record land sale prices in recent months, amid strong demand for housing property that pushed Hong Kong’s home price index to records for 11 successive months.
The average selling price of the 108 studio-to-four bedroom units, the second batch of the development’s total of 930 flats, was HK$25,646 per square foot, making them some of the most expensive in the district on a per square foot basis.
“The Sunday Vibe Centro sales result was within my expectation, since the prices were in line with market prices, whereas Cullinan West units were offered at a discount to market prices,” Midland Realty’s residential department chief executive Sammy Po told the Post.
A new strategy by Poly for Sunday’s sale to give priority to those willing to buy at least three units did not create a buying frenzy, he noted.
On Saturday Sun Hung Kai Properties sold almost all of the 246 units of its Cullinan West apartments.