Homebuyers snap up flats at Wang On’s 101 King’s Road project amid market revival

Homebuyers flocked to a new residential project offered by Wang On Properties in Hong Kong’s Eastern district on Saturday, showing renewed enthusiasm for the city’s real estate market driven by the government’s stimulus measures.

As of 3:30pm, 98 of the 157 units on sale at 101 King’s Road, a housing project that consists of a residential main tower, a commercial podium, and an outdoor commercial space, were sold, according to agents.

“The pricing of flats at 101 King’s Road is quite attractive,” said Sammy Po Siu-ming, chief executive at Midland Realty’s residential division for Hong Kong and Macau.

“Because the project offers a wide variety of unit types and is located near the MTR, it is favoured by many long-term investors,” he said, adding that around 40 per cent of the homebuyers showed up on Saturday were investors.

Located at 101 King’s Road in North Point, near Fortress Hill MTR station, the project offers one-bedroom to three-bedroom flats from 244 sq ft to 434 sq ft.

The price has been set between HK$4.88 million to HK$11.87 million, or HK$18,626 to HK$27,357 per sq ft.