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Sino Land sells less than half the flats at Grand Central in Kwun Tong after developer rushes through sales
- Developer sells 57 out of 132 flats in phase two of Grand Central, after pricing it 30 per cent higher than its launch in 2018
- Two buyers fork out HK$24 million and HK$28 million for two flats each in the project
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Sino Land’s latest batch of flats at its Kwun Tong project received a tepid response, after the developer rushed through the weekday sales ahead of the Lunar New Year holiday, pricing it 30 per cent higher than its launch in 2018.
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Homebuyers bought 57 out of 132 flats in phase two of Grand Central on Monday, pulling in over HK$710 million (US$91.6 million).
“The project has no problem and the pricing is also right,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. But he put the mediocre sales down to the rushed launch as buyers and agents did not have enough time to digest the information.
Hong Kong-listed Sino Land released the latest price list on February 1 and the sales arrangement on Thursday. In contrast, Chinachem Group set the prices for the first 68 flats of its Mount Anderson project, also in Kwun Tong, on Sunday, with the sales most likely to place on February 20, giving buyers almost two weeks to weigh their options.
Po said the pandemic and recession could not be blamed for the project’s poor uptake, pointing to the upbeat sales over the weekend.
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More than 440 new homes were sold over the weekend, a seven-month high, according to Centaline Property Agency. The agency said about 530 first-hand transactions have already been recorded n February, with this month’s total likely to reach some 2,000 units.
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