Parents join the Madison crowds, eager to help their offspring get onto the property ladder
Fifty five out of the 80 new flats at Sino Land’s development in western Kowloon snapped up by 5pm on Wednesday
Potential buyers defied an amber rainstorm, flooding and thunderstorm warnings to snap up nearly 70 per cent of the flats being offered at the cheapest urban development since housing policies were rolled out in late June, before mortgage rates rise further as expected in the next month.
Fifty five out of the 80 new flats at Sino Land’s Madison Park development in western Kowloon had been snapped up by 5pm on Wednesday, as some 500 potential buyers braved the grizzly weather.
“More than 90 per cent of the one-bedroom flats have been sold,” said Victor Tin Sio-un, associate director of sales at Sino Land.
If all 80 flats are sold, the developer could bank as much as HK$650 million (US$82.8 million).
Agents said the project has attracted a lot of young buyers, but only with financial support from their families.
About 70 per cent of those buyers [at Madison Park] are below 28-years-old. But half of those need their parents’ [financial] support
“About 70 per cent of those buyers are below 28-years-old,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. “But half of those need their parents’ [financial] support.”
Hong Kong Observatory issued a thunderstorm warning in the morning and amber rainstorm and flooding warnings in the afternoon on Wednesday – but neither did little to dampen buyer appetite.