Over a weekend in March 2018, Hong Kong’s hot residential market reared its head, as a new housing development in Kowloon Wheelock & Co, was completely sold out. The development is made up of 750 units and they were 100% sold. There a huge buyer enthusiasm over the units, with over 9,800 applicants submitting for approval despite only having 750 residential units. This has shown that the housing market does not show any sign of stopping even though Hong Kong is the least affordable city in Southeastern China. To put this in perspective, Hong Kong’s housing prices have seen a three hundred percent surge since 2003.
Where is the Kowloon Project Located?
The units which are found in Wheelock & Co’s Malibu developmentare situated at Lohas Park. According to the unit price, Wheelock brought in approximately $8.1 billion HK in revenue sales, which is about $1.36 billion U.S. Not only did they profit from the sales, but Wheelock’s shares have risen by 3.8 percent over the last three trading days; now sitting at $59.85 HK.
Will There Be More Housing Projects From Wheelock?
Due to the fact that there were 9,800 applicants, it is very likely that Wheelock & Co will be announcing another project launch of three hundred to four hundred apartments. The expected announcement is supposed to come out on March 13th, 2018, according to Ken Lee, the Regional Sales Director at Centaline Property Agency. The reason that there is an expected announcement is that Wheelock has made intentions clear to buy a land plot at the Kai Tak location, which is near the local airport. The deal is between Wheelock & Co and HNA Group Co, coming in at $6.36 billion HK.
Not only in Hongkong, the real estate market in Singapore has been showing strong sign of recovery. Several new launch condos will be released for sale in the market in 2018