Buyers opt for cheaper homes in Hong Kong’s first weekend property sales in 2024
- Wang On Properties sold 95 of the first batch of 165 flats on offer at Phoenext as of late afternoon
- The one and two-bedroom flats are priced below HK$4 million and HK$6 million, respectively
Hong Kong’s first weekend property sales this year kicked off on Saturday, with buyers snapping up nearly 60 per cent of the units offered at a small residential project in Wong Tai Sin while shunning more expensive flats at a Kai Tak development.
As of late afternoon, Wang On Properties had sold 95 of the first batch of 165 units on offer at Phoenext, the first new residential development to be put on public sale in 2024.
The one and two-bedroom flats – measuring 200 to 356 square feet and priced below HK$4 million and HK$6 million, respectively, after discounts – were oversubscribed by more than six times as of Friday. The price per square foot after discounts ranged from HK$14,251 to HK$19,083.
The Phoenext development consists of 230 units varying from studios to two-bedroom units, measuring 178 to 375 sq ft.
Located in a well-developed area of Kowloon, the project has attracted substantial interest from local buyers nearby, who accounted for 50 per cent of the registered visitors, according to Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency.
