Demand in Hong Kong’s red-hot housing market shows no signs of abating, with Wheelock & Co. selling all 750 apartments offered at its new Kowloon project over the weekend.
Based on buyers’ enthusiasm for the project, where 9,800 applications were made for the 750 units, Wheelock is likely to announce the launch of a further 300 to 400 apartments on Tuesday, said Ken Lee, senior principal regional sales director at Centaline Property Agency Ltd. Wheelock realized about HKD8.1 billion in sales, he said.
Prices for the next batch of units may rise 5 percent to 8 percent, to as much as HKD15,500 per square foot, Lee said. Wheelock Chairman Douglas Woo said during a press conference yesterday that the firm will release 160 additional flats for sale this week, after “favorable response from customers.”
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