As the prices of Hong Kong apartments grew 29 percent last year due to lower mortgage rates one developer Sun Hung Kai Properties capitalized on the market. It announced selling record number of 900 new apartments over the weekend.
Sun Hung Kai sold its new Hong Kong apartments in a new housing complex for a total price of $540 million dollars. This equals to HK$4.2 billion in local currency.
The company statement said the Yoho Midtown sale started on Saturday February 20th. Apartments in Yoho Midtown (seen in the picture) were sold for an average of HK$5,400 per square foot. Accordig to XE.com Feb. 21 data that would equal to U.S. $695.34 dollars per square foot. Bloomberg obtained this information from the show room where the one of the project directors of Sun Hung Kai told in an interview.
Nearly 120,000 people visited the show center to see Yoho Midtown apartments in Hong Kong since Feb. 19, reports John Duce from Hong Kong. The company originally had intended to sell 700 apartment units in the center. However due to the demand the recent trends it succeeded selling 900 units. This is almost half of the 1,890 units at the Yoho Midtown complex.
One way Sun Hung Kai Properties succeed in this brilliant marketing is uniting two good approaches together. They named the sale as an exclusive Chinese New Year offer and offered 5 percent discount to the first 12 members who would purchase the apartments on Feb. 20. Besides the nice look of this housing complex, that offer helped to draw record number of people triggering the successful sale. Yoho Midtown apartment complex page can be seen here.
A year ago Hong Kong apartments were selling at $386 U.S. dollars per square foot. Now their rise to this weekend's $69.34 dollars per average square foot at Yoho Midtown is a good indication of how hot the Hong Kong real estate and apartment markets are.
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