The buying frenzy in which 25 mini flats were snapped up in 20 minutes Sunday once again underlined how heated the Hong Kong property market is.
Developer Cheung Kong (Holdings) Ltd. (00001.HK) rolled out the new batch of studio flats at its Mont Vert project in Tai Po, ranging in size from 165 square feet to 196 sq ft.
Hundreds of prospective homebuyers jostled each other at the project’s Hung Hom showroom.
More than 800 people had showed interest by registering to buy a home, the Hong Kong Economic Journal reported.
The latest batch at Mont Vert was oversubscribed at least 31 times, even though the price per square foot has been raised by between 20 percent and 30 percent.
Property agencies in Tai Po told the HKEJ the miniscule studio flats fit the budget of first-time buyers.
The average benchmark price of a standard starter home in the New Territories is HK$4 million (US$516,000).
But at Mont Vert, the prices of flats in the latest batch ranged from HK$1.69 million to HK$2.23 million.
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