Centralcon’s Sha Tin project sees sales continue apace as smaller flats attract price-sensitive end users rather than investors

Sales continued apace on day two at The Arles as the developer allocated smaller flats that tend to appeal to genuine end users, who are more price-sensitive than people buying purely to invest

The Arles is a crucial test of whether Hong Kong’s residential property bull run can maintain its momentum in October

Reading Time:3 minutes

Buyers, largely end users, line up on the second day of sales at The Arles. Photo: Jonathan Wong

Published: 5:58pm, 17 Oct 2021Updated: 11:03pm, 17 Oct 2021

Sales continued apace on day two of a residential project launch in Sha Tin as the developer allocated smaller flats that tend to appeal to genuine end users, who are more price-sensitive than people buying purely to invest.

Centralcon Properties, a local developer, had sold 170 of the remaining 265 units at The Arles near Fo Tan subway station in the eastern New Territories as of 8pm, according to sources. That brought the

total weekend sales at the development to 83 per cent of 536 units.

The 265 flats that went on sale today included 103 that did not find buyers on the first day of sales on Saturday. As of midnight last night, 271 of 374 units had found buyers.

“The second day sale is easier to find buyers as more one- and two-bedroom flats are being offered at HK$6 million (US$770,000) and HK$8 million,” said Sammy Po, chief executive of Midland Realty’s residential department.

On the first day, buyers were required to buy more than one unit including a three-bedroom flat, agents said, meaning much of the demand came from investors who did not intend to occupy their new residence.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x