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Hong Kong property
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Wheelock’s Monaco Marine project in Kai Tak proves popular with Hongkongers as second batch of flats sells briskly

  • Wheelock said it sold 30 of the 112 units at Monaco Marine, netting HK$400 million (US$51 million) within an hour of the flats going on sale
  • The average price of flats was HK$26,630 (US$3,400) per square foot, 7 per cent higher than the launch price of HK$24,844 per square foot

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Wheelock Properties’ Monaco Marine residential project is coming up in Kai Tak. Photo: K. Y. Cheng
Cheryl Arcibal
The second batch of flats to go on sale at Wheelock Properties’ latest residential project at Hong Kong’s former Kai Tak airport got off to a brisk start, with buyers snapping up about a quarter of the 112 units within an hour of the launch.
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Wheelock said it sold 30 units at Monaco Marine, netting HK$400 million (US$51 million) soon after sales opened at 6:30pm on Thursday. The flats had received 3,600 applications from prospective buyers, local media reported.

The sales “reflect keen market demand for high quality units in Kai Tak”, a Wheelock spokesman said.

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The average price of flats was HK$26,630 (US$3,400) per square foot, an increase of 7 per cent from the launch price of HK$24,844 per square foot last Saturday. The units on offer ranged from 326 sq ft to 616 sq ft, costing between HK$8.6 million and HK$17.6 million.

Buyers queue up for Wheelock Properties’ Monaco Marine apartments in Kai Tak at the developer’s sales office in Tsim Sha Tsui on April 23, 2022. Photo: Jonathan Wong
Buyers queue up for Wheelock Properties’ Monaco Marine apartments in Kai Tak at the developer’s sales office in Tsim Sha Tsui on April 23, 2022. Photo: Jonathan Wong

“As the pandemic is brought under control gradually, Hongkongers will continue to snap up new units if the developers do not set prices too high,” said Martin Wong, director of research and consultancy for Greater China at Knight Frank. “There has been unmet demand during the fifth wave of the pandemic.”

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