Hong Kong property: Wheelock sells 75 per cent of flats in first batch of Koko Mare project in Lam Tin
- Homebuyers snapped up 103 of 138 flats at Wheelock Properties’ Koko Mare in Lam Tin within three hours on Saturday
- Property demand has surged in Hong Kong amid hopes that the city has reached the peak of interest rate increases
Wheelock Properties sold 103, or 75 per cent, of the 138 flats on offer in its latest Lam Tin Project within three hours after sales began on Saturday, as the reopening of Hong Kong’s border with mainland China and other positive developments boost homebuyers’ sentiments.
The units at Koko Mare, phase 3B of the Koko Hills development, consist of one to two-bedroom units ranged between 300 to 400 sq ft. After discounts, they were priced between HK$5,937,000 (US$756,000) to HK$9,931,000, with an average price of HK$17,000 to HK$23,039 per sq ft.
“The sales were strong,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “The project received positive responses from homebuyers, especially young people aged below 40, who accounted for 70 per cent of all buyers.”
The enthusiastic response to Koko Hills matches last month’s robust sales of the 160 flats offered in the second batch of its sibling project, Koko Rosso. Buyers snapped up nearly all units within a day.
“The new launches have received good market responses, and home prices in the first quarter have risen 5 to 6 per cent from the fourth quarter last year,” said Ricky Wong, managing director at Wheelock. “I expect that rising trend to extend into this month.”
