Wheelock sets sales record for a single day's turnover in Hong Kong's biggest weekend launch in six years as buyers snap up flats

By Lam Ka-sing kasing.lam@scmp.com / https://www.scmp.com/ | May 6, 2019 3:52 PM SGT
Hong Kong's biggest weekend home sale in six years almost sold out, as a double-digit surge in April property transactions gave buyers the confidence that the city's real estate bull market is here to stay.
A total of 1,148 new flats were offered across the city at Lohas Park, Tai Po and Ho Man Tin. Buyers packed salesrooms to snap up 1,001 new flats, or about 87 per cent of the total, as of 11pm, agents said.
"The market sentiment is good," said Wheelock Properties' Managing Director Ricky Wong Kwong-yiu. "Buyers want good investment vehicles. Residential property is a good store of value and there is good potential for appreciation in value."
April's home sales rose 52.8 per cent in the city to HK$70.1 billion (US$8.9 billion) from March, as property buyers piled back into the market, convinced that a five-month price correction that ended in December was a fleeting blip of the past. A three-month rally since the start of 2019 persuaded them to return to the market in droves.
"Sales of new flats will be hot this month," said Sammy Po, residential chief executive at Midland Realty, one of the city's biggest agents, predicting that home prices may rise by more than 3 per cent in May, and return to 2018's peak. "More than 3,000 new flats could be sold this month, much higher than last month."
Wheelock Properties offered 500 flats of its Montara development in Lohas Park on 4 May 2019. Photo: SCMP/Edmond So.
Wheelock Properties received a record 18,000 registrations for its 500 flats at the Montara project in Lohas Park, or an average of 36 bids for every unit available. The flats were offered at an average price of HK$14,704 per square foot after discounts, 3.9 per cent cheaper than the HK$15,304 per sq ft price set last September at LP6 in Lohas Park.
The project sold out for a total haul of...