CK Asset’s Blue Coast flats are 65 times oversold as buyers snap up discounts in Hong Kong’s biggest home launch this year
- The developer sold 413 units, or 98 per cent of the 422 flats put up for sale on Saturday when proceedings ended at 9pm, according to sales agents
- About 28,000 expressions of interest were received, or 65 bids for each flat, locking up HK$2.8 billion (US$358 million) in deposits to qualify to bid for the property
The developer sold 413 units, or 98 per cent of the 422 flats put up for sale on Saturday when proceedings ended at 9pm, according to sales agents.
Some 5,000 buyers and agents flocked into the developers’ sales office in Metropolis Drive in Hung Hom to await the results of a lottery to determine their eligible flats, the developer said. About 28,000 expressions of interest were received, or 65 bids for each available flat, locking up an estimated HK$2.8 billion (US$358 million) in deposits to qualify for the lottery.
The first batch of Blue Coast is priced at HK$22,955 per square foot on average, about 10 per cent lower than the development cost of HK$24,955, and cheaper than comparable flats in the neighbourhood, according to an estimate by CGS International.
The units for sales are priced at “bottom fishing prices,” said CK Asset’s executive director Justin Chiu Kwok-hung, CK Asset’s executive director, adding that the developer would raise prices of the units in later batches.
“Hong Kong’s property market, just like Hong Kong’s economy, is gradually recovering,” Chiu said, adding that there is a “70 per cent chance” that housing prices will rise this year, and the entire Blue Coast project is likely to record a “slight profit.”
