Sun Hung Kai ‘s Century Link II project received over 6,000 cashier’s checks, 18 times over-subscription.
On 3 September, Sun Hung Kai Properties (0016.HK)’s Century Link II, 2nd phrase of Century Link in Tung Chung, sold out all 328 units of its first batch in 10 hours. The project recorded 18 times over-subscription.
All units put on market were one- to three-bedroom units around 379 to 644 sellable sq ft. The prices ranged from HK$4.5 million to HK$11 million per unit.
The developer hoped to clear all 932 units of this project within 5 batch of sale, the next batch will be launched soon to meet the demand.
A buyer, Ms Tsai, grabbed a 467-sellable-square- foot unit for less than HK$6 million, intending to lease the flat to airline crew members at a monthly rent of HK$20,000 given the estate’s proximity to the airport.
A Mr Liu from Shandong splashed HK$5.4 million on a two-bedroom unit as he reckoned the project was ideal for investment, even though he would have to pay a 15-percent buyer’s stamp duty.
Midland Realty said non-locals made up 10% of the purchasers, with non-mainlanders accounting for 6-7%. Locals were drawn by the developer’s incentives.
A Ms Chan said she bought a HK$4 million flat as she was able to take out a mortgage worth up to 90 % of the apartment’s value.