130 Monaco homes sold in a day

Business | Kevin Xu 22 Jan 2021

Wheelock Properties sold 117 out of 120 units on offer at its Monaco development in Kai Tak yesterday.

The developer had received 2,270 checks for the 120 flats, making the batch 18 times oversubscribed.

The 120 units were offered at an average price of HK$24,216 per sq ft after discounts with the cheapest unit costing HK$6.62 million.

Additional 13 units were sold via tender.

Meanwhile, Nan Fung Group has received about 5,160 checks for 179 units on offer at LP10 in Lohas Park, making the units 27 times oversubsubscribed.

In the secondary market, Tung Chao-yu, uncle of former chief executive Tung Chee-hwa, sold a 2,888-sq-ft unit at Estoril Court at the Mid-Levels for HK$140 million, or HK$48,476 per sq ft, a new high at the estate, according to local media reports.

The seller, who bought the unit at HK$20 million in 1998, will earn a capital gain of HK$120 million.

In the commercial property market, veteran actor Simon Yam Tat-wah and his wife sold an 1,150-sq-ft street shop premise at 11 Ki Lung Street in Prince Edward for HK$35 million, local media reported. They will earn a capital gain of HK$20.62 million after holding the property for 10 years.

In other news, 43 percent of Hongkongers expect home prices to remain stable in the coming year, despite the fourth wave of the Covid-19 pandemic, according to a survey by Citibank Hong Kong.

The survey was conducted among 500 respondents by phone last month.

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