Housing market shows no sign of cooling down as K Wah’s Solaria flats get overwhelming response

As many as 8,400 buyers submitted bids for 238 available units, even after the developer set a 24 per cent price premium over projects in the neighbourhood

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Potential buyers queue up as K. Wah offer 238 units at Solaria for sale at K. Wah Centre in North Point on 2 June 2018. Photo: SCMP/Winson Wong

Published: 7:45pm, 2 Jun 2018Updated: 11:30pm, 2 Jun 2018

K Wah International Holdings received 8,400 bids for the 238 units available at its Solaria project in Tai Po over the weekend, an overwhelming response that underscored Hong Kong’s buoyant residential property market, where average monthly prices had risen for 25 consecutive months.

More than 100 of the 238 units were sold as of 5pm on Saturday, even after K Wah set the offer price at a 24 per cent premium over comparable projects in the neighbourhood, sales agents said.

The entire offer is expected to sell out by the end of Saturday, and the developer is likely to launch more units for sale soon, said Sammy Po Siu-ming, chief executive of the residential division at Midland Realty.

Aerial view of construction sites of Solaria by K. Wah Group (left in yellow borders) and Billion Development and Project Management Limited (right and back) by the Science Park in Sha Tin as of 25 May 2018. Photo: SCMP / Roy Issa

An average of 35 bidders queued for every available unit of Solaria, with their names going into a ballot. Bidders for single units stood a 20 per cent chance of a purchase, whereas customers seeking two units or more had an 80 per cent chance of success, Po said.

One such buyer, who wasn’t identified, paid a combined HK$25 million (US$3.2 million) for three apartment units, both for self-use and as investment, agents said.

K Wah is the first developer to commence selling in Tai Po, where a 3,000-unit community is under construction in this north-eastern corner of Hong Kong.