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China Overseas Hong Kong housing project sees strong demand

All 122 apartments at China Overseas Land & Investment Ltd.'s One Kai Tak Phase 2 project in Hong Kong were sold out after an oversubscription of more than 10x, according to a report by the South China Morning Post.

Around 1,300 people signed up for the chance to purchase a unit from the project, located on the site that used to house the former Kai Tak airport. After factoring in discounts, the largest unit, measuring 799 square feet, was sold for approximately HK$18.9 million, while the smallest flats, at 375 square feet, cost around HK$6.4 million, according to the Jan. 21 report.

The flats were only made available to Hong Kong permanent residents, as part of governmental efforts to cool down home prices.

The first phase of the One Kai Tak project was launched in August 2016, with flats sold at an average price of approximately 22% lower than in the second phase.