Wheelock sells 110 flats at Koko Rosso in Hong Kong’s first major property sale after stamp duty cut
- About 6,600 potential buyers – or 44 home seekers for every flat – registered for the units on sale
- Though relaxation of the stamp duty has strengthened buyers’ confidence, it will not create a lot of new demand, Midland Realty executive says
“We are pretty confident that all units will be snapped because most of the units on offer today are small units and are not very expensive,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “Sentiment has recovered.”
Koko Rosso is the third phase of Wheelock’s project in Lam Tin in Eastern Kowloon after Koko Hills and Koko Reserve.
About 6,600 potential buyers – or 44 home seekers for every flat – registered for the units on sale on Friday.
These flats are priced at HK$18,347 (US$2,338) per square foot on average after discounts. They are one-bedroom and two-bedroom units, with the cheapest priced at HK$5.5 million, according to the developer. The 148 flats are worth HK$1.27 billion in total.
The average price at Koko Rosso is 2 per cent higher than the HK$17,938 per square foot at Chill Residence, the last project to be launched in the district, in November 2022, according to Centaline Property Agency data.
“The relaxation in the stamp duty mainly strengthened buyers’ confidence and prompted them to speed up their entry into the market, as their home-buying burden is reduced,” Po said.
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