Property Buyers Stage 'Dark Room' Sit-In at Hong Kong Sales Gallery, Use Phone Flashlights to Bid
SingTao · 2 SOURCESabout 3 hours ago4 MIN
Summary
A new property development in southwest Kowloon has generated unprecedented excitement, with prospective buyers staging an unusual 'dark room' negotiation session at the sales gallery. The River Tagus I project, developed by China Resources Land (Overseas) and China Resources Group, priced its first batch approximately 30 percent below comparable second-hand properties, triggering a frenzy of buying interest. Even after the exhibition hall officially closed at 8pm, multiple groups of determined buyers remained inside, illuminating认购文件 with their mobile phone flashlights to complete their submissions.
Key Points
- River Tagus I, jointly developed by China Resources Land (Overseas) and China Resources Group, launched with discounted prices starting from 5.29 million yuan
- The project achieved over 26,000 subscriptions by noon, making it the top-performing new launch in Kowloon this year
- With 180 units released across two price lists, the development recorded over-subscription of 143 times
- Sales gallery at New Kong Kong Centre in Tsim Sha Tsui stayed packed daily, with nearly 10 groups refusing to leave after closing
- Agents reported that developers dimming lights while customers were still negotiating has become rare in recent years
Why It Matters
This episode highlights the intense demand for competitively priced new launches in Hong Kong's recovering property market, where buyers are willing to go to extraordinary lengths to secure units. The River Tagus I frenzy sets a benchmark for future developments, signaling that well-priced projects with strategic discounts can still generate exceptional oversubscription despite broader market headwinds .
This episode highlights the intense demand for competitively priced new launches in Hong Kong's recovering property market, where buyers are willing to go to extraordinary lengths to secure units. The River Tagus I frenzy sets a benchmark for future developments, signaling that well-priced projects with strategic discounts can still generate exceptional oversubscription despite broader market headwinds .