Wheelock’s Monaco Marine project in Kai Tak proves popular with Hongkongers as second batch of flats sells briskly
- Wheelock said it sold 30 of the 112 units at Monaco Marine, netting HK$400 million (US$51 million) within an hour of the flats going on sale
- The average price of flats was HK$26,630 (US$3,400) per square foot, 7 per cent higher than the launch price of HK$24,844 per square foot
Wheelock said it sold 30 units at Monaco Marine, netting HK$400 million (US$51 million) soon after sales opened at 6:30pm on Thursday. The flats had received 3,600 applications from prospective buyers, local media reported.
The sales “reflect keen market demand for high quality units in Kai Tak”, a Wheelock spokesman said.
The average price of flats was HK$26,630 (US$3,400) per square foot, an increase of 7 per cent from the launch price of HK$24,844 per square foot last Saturday. The units on offer ranged from 326 sq ft to 616 sq ft, costing between HK$8.6 million and HK$17.6 million.
“As the pandemic is brought under control gradually, Hongkongers will continue to snap up new units if the developers do not set prices too high,” said Martin Wong, director of research and consultancy for Greater China at Knight Frank. “There has been unmet demand during the fifth wave of the pandemic.”
Last Saturday, Wheelock sold more than three quarters of the 308 flats on offer in the inaugural batch, the first major sales launch in the city since late January, receiving nearly 13 bids for every available flat. These flats were priced about 12 per cent cheaper than another project in the same neighbourhood that went on sale last summer.