SinoLand’s One Park Place sells out 150 units within hours on keen pricing

One Park Place in Yau Tong sold out all 150 units in its first batch within half a day at its launch, as developer Sino Land used aggressive pricing to tap into returning demand in Hong Kong’s new home market.\nThe project, developed by Sino Land together with CSI Properties and MTR Corporation, opened sales on Thursday and saw all flats taken up by the afternoon, the developer said.\nThe first batch comprised 27 one-bedroom, 120 two-bedroom and three three-bedroom units, ranging from 293 to 578 sq ft.\nAmong the 150 units, the cheapest home – a one-bedroom unit – was priced at HK$4.27 million (US$550,000) after discounts, or HK$14,589 per square foot. The lowest price per square foot was HK$13,513 for a two-bedroom unit just under HK$5 million.\nSino Land executive director Victor Tin Siu-un attributed the quick sale to the prime location and aggressive pricing, which he said was at about a nine-year low for urban homes. The first batch averaged HK$14,701 per square foot after discounts.\nOne Park Place attracted more than 10 big-ticket buyers, reflecting resilient demand and optimism among investors, Tin said. He added that Sino Land could raise prices and release more units for sale soon.\nSammy Po Siu-ming, senior director at Midland Realty, said that among the buyers purchasing units for their own use, 80 per cent of them were young clients.\nThe first batch received more than 4,500 cheques ahead of the launch, making it more than 30 times oversubscribed.\nSino Land unveiled the first price list of One Park Place on November 11, involving 150 units at a discounted average price of HK$14,588 per square foot, 19 per cent cheaper than the nearby Chill Residence project launched three years ago.\nOn Monday, the developer disclosed prices for a further 78 units at a discounted average of HK$14,988 per square foot, 2.7 per cent higher than the previous list.\nLocated at 8 Ko Nga Lane in Yau Tong, One Park Place comprises 748 units in total, with one-bedroom and two-bedroom units accounting for over 80 per cent of the development. It is next to Yau Tong MTR Station, according to the official website.\nResidential market sentiment improved since April on hopes that the US Federal Reserve would restart its interest rate-cut cycle and amid a rally in local stocks. The official price index rose for the fourth consecutive month in September, bringing the cumulative gain to 1.1 per cent in the first nine months of the year.\nCautious pricing strategies had also boosted transactions in the primary market, resulting in about 1,143 deals as of Wednesday this month, data from Hong Kong Property Services showed.\nIt marked the 10th straight month in which more than 1,000 new homes changed hands per month, the longest streak since 2013.\nDevelopers were also preparing to roll out more units, with the 525-unit Double Coast III in Kai Tak uploading its prospectus on Thursday afternoon. Leading developer Wheelock Properties said the first price list was expected to be disclosed soon.\n