Wheelock’s Wan Chai project sells out in 2 hours amid housing rebound
Hong Kong’s latest rate cut has revived buying appetite, with Wheelock’s Wan Chai project selling out amid easing borrowing costs
Wheelock Properties sold all 60 units on offer within two hours at its latest residential project in Wan Chai on Sunday, as lower borrowing costs and improving sentiment continued to draw buyers back to Hong Kong’s primary housing market.
The developer sold the entire project at Spring Garden within the first two hours of the first round of sales, generating proceeds of about HK$560 million, according to Ricky Wong Kwong-yiu, vice-chairman and managing director of Wheelock Properties.
Most of the transactions involved ten groups of big-ticket buyers snapping up full floors of four units each, he said.
Located in the core commercial district of Wan Chai and a minute’s walk from the MTR station, the project is the first major residential launch since local banks cut mortgage rates last week.
The first batch comprised 60 flats offered via price list and eight special units for tender on the same day – four with private terraces and four with rooftop areas.
Wheelock received around 2,000 registrations of intent ahead of Sunday’s launch, compared with 60 flats on the price list, representing an oversubscription of more than 32 times, the developer said.