Massive buyer turnout for Cheung Kong’s Tsuen Wan project

Hong Kong regulators tighter rules on mortgage lender have not dampened home buyers’ interest as thousands turned up for the sale of Ocean Pride development by CK Property

Reading Time:2 minutes

Thousands flocked to the opening sales of CK Property’s Ocean Pride flats on Friday, despite tighter mortgage lending rules to cool the Hong Kong property market. Photo: Edward Wong

Published: 6:20pm, 26 May 2017Updated: 11:36pm, 26 May 2017

Thousands of prospective buyers have turned out for a mass residential project in Tsuen Wan developed by Cheung Kong Property Holdings, shrugging off regulators’ tightened mortgage lending rules to cool the red-hot market.

Long queues had begun forming at the Fortune Metropolis mall in Hung Hom, before the sale of the Ocean Pride development started at 9am on Friday. CK Property is controlled by Hong Kong richest man, Li Ka-shing.

On Friday night, CK Property said all 496 units released in the first batch of sale have been subscribed. The units were sold at an average discounted price of HK$15,772 per square foot, in which 28 bidders would have been vying for one unit. They would have to draw lots to buy the units.

Buyers flooded the sale office of CK Property to buy units of Ocean Pride on Friday. Photo: Edward Wong

Earlier in the day, both levels of Fortune Metropolis mall were packed with zealous buyers, and the mall became a sea of faces. Half a dozen real estate agencies have also staked their turfs in various parts of the mall to woo buyers to seal deals.

As the developer continued to pick and broadcast the ticket numbers for purchase, anxious buyers had their eyes glued to the numerous television monitors installed at almost every corner of the mall. The overall drawing process proceeded in an orderly fashion.