A mystery buyer splurged HK$150 million (US$19.3 million) to snap up 26 new flats in Hong Kong’s Kai Tak district in a one-day shopping spree.
The flats were acquired in projects such as Double Coast 1 and Twin Victoria, whose developers extended discounts to buyers when they were launched earlier this year, according to agents.
The buyer is looking at the purchases as a long-term investment with an eye on leasing, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division.
The district, which is the site of Hong Kong Kong’s former airport, was the main reason for the massive investment, Po said, citing fellow agents as his source. He also declined to say whether Midland was involved in any of the deals.
The 320-hectare (790 acre) Kai Tak Development is billed as Hong Kong’s second central business district, with commercial and entertainment projects such as the Sogo shopping centre and Kai Tak Sports Park, which occupies an area of nearly 28 hectares. The main stadium can accommodate as many as 50,000 spectators and has a retractable roof and flexible pitch surface.
Kai Tak accounted for the highest first-hand home sales this year amounting to HK$33 billion as of November 17, according to data compiled by Midland.