Hong Kong property finds its feet as Sino Land development sells 149 units within hours
Aggressive pricing at One Park Place helps Sino Land sell close to its entire batch in half a day after drawing more than 4,500 cheques
Sino Land’s One Park Place in Yau Tong sold 149 of 150 units in its first batch within half a day at its launch, after the developer used aggressive pricing to tap into firmer demand in Hong Kong’s new home market.
The project, developed by Sino Land together with CSI Properties and MTR Corporation, opened sales on Thursday and saw all flats selected by the afternoon, the developer said. Sino Land later said 149 units were sold.
The first batch comprised 27 one-bedroom, 120 two-bedroom and three three-bedroom units, ranging from 293 to 578 sq ft.
Among the 150 units, the cheapest home – a one-bedroom unit – was priced at HK$4.27 million (US$550,000) after discounts, or HK$14,589 per square foot. The lowest price per square foot was HK$13,513 for a two-bedroom unit just under HK$5 million.
Sino Land executive director Victor Tin Siu-un attributed the quick sale to the prime location and aggressive pricing, which he said was at about a nine-year low for urban homes. The first batch averaged HK$14,701 per square foot after discounts.
One Park Place attracted around 10 big-ticket buyers, reflecting resilient demand and optimism among investors, Tin said. He added that Sino Land could raise prices and release more units for sale soon.
Sammy Po Siu-ming, senior director at Midland Realty, said that among the buyers purchasing units for their own use, 80 per cent of them were young clients.