State Residence in North Point Draws 63-Fold Oversubscription for 140 Units
Thestandard · 1 SOURCES1 day ago1 MIN
Summary
Sky Ace Enterprises' State Residence project in North Point recorded approximately 9,000 registration checks for 140 units, representing a 63-fold oversubscription ahead of Saturday's sale . The development is expected to become Hong Kong Island's most highly subscribed new launch this year . Unit types range from one to three bedrooms, spanning 301 to 602 square feet, with discounted prices from HK$5.96 million to HK$15.31 million .
Key Points
- Sky Ace Enterprises received around 9,000 checks by the close of registration on Thursday, marking 63 times oversubscription for 140 units going on sale Saturday
- The 140 units comprise 67 one-bedroom, 66 two-bedroom, and 7 three-bedroom apartments ranging from 301 to 602 square feet
- Discounted prices range from HK$5.96 million to HK$15.31 million, translating to HK$18,848 to HK$26,741 per square foot
- 14 units were sold via tender in five days, generating over HK$380 million in sales
- The project is developed by Sky Ace Enterprises and assisted by New World Development (stock code: 0017)
Why It Matters
The overwhelming demand reflects strong confidence in Hong Kong Island's residential market despite broader economic headwinds . If the strong subscription continues, it could signal developers to adjust pricing strategies for upcoming projects in the North Point area and beyond .
The overwhelming demand reflects strong confidence in Hong Kong Island's residential market despite broader economic headwinds . If the strong subscription continues, it could signal developers to adjust pricing strategies for upcoming projects in the North Point area and beyond .