The Reserve takes the lead in new home sales

Home hunters snapped up 218 of the 280 flats on offer at The Reserve yesterday, making it the hottest new project in Hong Kong with the most number of flats sold so far this year.

Offering a total of 631 flats, The Reserve is the second phase of Gold Coast Bay in Tuen Mun, developed by Early Light International Estates.

The developer, founded by “Toy King” Francis Choi Chee-ming, has received more than 4,500 checks for the 280 flats, making them 15 times oversubscribed.

A British-Chinese buyer paid more than HK$7 million in hard cash for two flats, saying he might either use them as his residences or rent them out.

The flats range from 304 to 655 square feet in size, with prices starting from HK$2.42 million after discounts.

Nearly 40 percent of the flats on offer cost less than HK$3 million after discounts.

STAFF REPORTER