Slow start for Hong Kong’s first new property launch in Year of the Snake

As of 8pm, more than five hours after sales commenced, 26 units were sold.

“The sales results are satisfactory and in line with expectations,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division.

“Many people travel during the extended Lunar New Year holiday, which is temporarily impacting sales activity,” Po said. “However, it is expected that sales will pick up pace after the holiday as people return and resume their property search.”

Last month, developer Early Light International Holdings, owned by toy tycoon Francis Choi Chee-ming, sold more than three-quarters of the first batch of 280 units at The Reserve made available to the public.

The latest flats on offer start at HK$2.95 million (US$378,000), or HK$9,412 per square foot after discounts. The units, ranging from one-bedroom to three-bedroom flats, were between 271 square feet and 655 sq ft. Some of the apartments included rooftop spaces.