Hong Kong property developer makes $140mn selling all 188 units in one day

By BizClik Admin

On Saturday, buyers in Hong Kong queued up to buy housing units at a new Tuen Mun property development.

Over 1000 buyers showed up to purchase the 188 flats available at Sun Hung Kai Properties’ Mount Regency Tuen Mun development.

See also:

Hong Kong retail recovers with temporary stores and new ideas

Hong Kong office sells to Chinese consortium for a record-breaking $5.2bn

Read the latest Asia edition of Business Chief!

This was the city’s first new project launch since March. Real estate in Hong Kong is currently at a huge premium – for example, at the end of last year rent for office space in the city state reached a global high according to JLL property consultants.

Over 5,200 people in total had registered for the sale, making it oversubscribed by over 26 times. By 5pm, every unit of property was snapped up leaving Sun Hung Kai with a profit of $140mn.

The units consisted largely of one or two-bedroom flats ranging from 403-428 sq ft in size. They sold at an average discounted price of $1955 per sq ft, with the cheapest unit going for $630,000 and the most expensive selling at $1.06mn.

The Tuen Mun New Town was developed by the Hong Kong Government in Tuen Mun during the 1970s.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance