A residential project in Yau Tong triggered buying euphoria on Saturday, with more than 70 per cent of the 150 units on offer snapped up by midafternoon amid heightened expectations for
a recovery in Hong Kong’s home market next year.
The flats at One Park Place, priced between HK$4.23 million (US$543,684) and HK$9.51 million, were in high demand after developers Sino Land, CSI Properties and MTR Corporation offered discounts of up to 15 per cent to lure buyers.
The strong homebuying interest came a day after New World Development (NWD) sold out all 63 units at its Austin Bohemian project in Yau Ma Tei on Friday.
As of 6.45 pm, 110 units of One Park Place were sold, according to Sino Land.
“The units appeared to be attractive not only to residents who wanted to own them for self-use, but buyers looking to own them for investment purposes,” said Sammy Po Siu-ming, senior director at Midland Realty. “Since the rent is estimated at HK$50 per sq foot per month, the annualised investment return could reach 4 per cent.”
Po said one client of Midland shelled out HK$25 million to purchase five units.
The One Park Place flats were originally scheduled to be offered on November 28, two days after a deadly fire broke out in the Wang Fuk Court residential complex in Tai Po, but developers postponed the sale as the city focused on rescue and relief operations.