Yau Tong Kwan Hoi I Second-Round Sale Records 88 Units Sold, Two Major Buyers Purchase Four Units Each
AM730 · 3 SOURCES1 day ago5 MIN
Summary
Yuexiu Property's Kwan Hoi I in Yau Tong held its second round of sales on October 17, offering 220 units. As of 1pm, 88 units were sold in the Group A session, generating over HK$538 million in proceeds. Two major buyers each purchased four units, with the largest spending over HK$24.3 million. The project attracted nearly 45,000 subscription tickets, oversubscribed approximately 203 times, indicating robust demand for the East Kowloon waterfront development.
Key Points
- The development received nearly 45,000 subscription tickets, oversubscribed approximately 203 times, demonstrating exceptionally strong market demand .
- Yuexiu Property (Hong Kong) General Manager Li Ga stated that one major buyer purchased 2 two-bedroom and 2 one-bedroom units for over HK$24.3 million, citing the project's waterfront location, diverse unit options, comprehensive amenities, and connectivity to the CBD .
- Another buyer spent over HK$19.3 million acquiring four one-bedroom units, reflecting strong appeal to both end-users and investors .
- After applying the maximum 18% discount, unit prices range from HK$3.84 million to HK$8.14 million, with sizes between 285 to 510 square feet .
- Midland Senior Director Boo Siu-ming noted market response was enthusiastic, with about 60% end-users and 40% investors, projecting rental yields around 4.5% and future rents at HK$55 per square foot .
- Ricacorp Senior Division Manager Kwok Woon-jin (郭煥然) predicted all 220 units would sell out within the day, with estimated future rents at HK$60 per square foot .
Why It Matters
The 203-fold oversubscription rate signals persistent strong demand for new private residential units in Hong Kong, particularly in emerging areas like East Kowloon where infrastructure improvements are enhancing liveability . The prevalence of multi-unit purchases by both local and mainland buyers reflects continued confidence in Hong Kong property as an investment, even as market observers monitor for signs of overheating in the primary market .
The 203-fold oversubscription rate signals persistent strong demand for new private residential units in Hong Kong, particularly in emerging areas like East Kowloon where infrastructure improvements are enhancing liveability . The prevalence of multi-unit purchases by both local and mainland buyers reflects continued confidence in Hong Kong property as an investment, even as market observers monitor for signs of overheating in the primary market .