Wheelock and Co. Ltd. sold out all 750 units offered at its new residential project in New Territories, Hong Kong, over the March 10 weekend, underscoring the city's red-hot housing demand.
The Hong Kong developer is looking at about HK$8 billion in revenue from the two-day sale, according to a March 12 report by Wen Wei Po (Hong Kong).
The 750 apartments, which comprise the first round of sales at Wheelock's Malibu development in Lohas Park, were priced between HK$13,199 and HK$17,543, with the average price reaching HK$15,255. The developer received over 9,800 buyers' applications for the units prior to the sales launch, according to the report.
The company plans to raise the average price of apartments by 5% to 8% for its second round of sales, which is likely to be launched early in the week of March 12, Wen Wei Po reported.
The Malibu development offers three buildings with a total of 1,600 units and it is scheduled to be completed by May 2020. The project is also a part of a mass residential development surrounding the Lohas Park metro station, which is being developed by different property developers in phases. Malibu is Phase 5, and Wheelock also owns Phase 7 of the mega-development.
