Hong Kong’s first launch of new homes in the Year of the Snake got off to a slow start with less than a fifth of the 133 units on offer at The Reserve at Gold Coast Bay in Tuen Mun finding buyers on Saturday, according to agents.
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As of 5.30pm, more than five hours after sales commenced, 23 units were sold.
“The sales results are satisfactory and in line with expectations,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division.
“Many people travel during the extended Lunar New Year holiday, which is temporarily impacting sales activity,” Po said. “However, it is expected that sales will pick up pace after the holiday as people return and resume their property search.”
Last month, developer Early Light International Holdings, owned by toy tycoon Francis Choi Chee-ming, sold more than three-quarters of the first batch of 280 units at The Reserve made available to the public.
The latest flats on offer start at HK$2.95 million (US$378,000), or HK$9,412 per square foot after discounts. The units, ranging from one-bedroom to three-bedroom flats, were between 271 square feet and 655 sq ft. Some of the apartments included rooftop spaces.