Sales frenzy at Larvotto in Hong Kong
July 22, 2010 - Ap Lei Chau
Buyers snapped up 92 units at an average of HK$40 million (US$5.14 million) in Sun Hung Kai Properties' Larvotto development in Island South, Hong Kong over last weekend.
The developer, which is the biggest in the world by market value, will consequently put another 50 units on the market as early as this week.
"Demand has exceeded supply," said Victor Lui, an executive director at Sun Hung Kai's agency arm. "All of the units were sold within the first few hours after sales began."
Sun Hung Kai said in a press release that about 20% of first round buyers were from mainland China and that average sales prices for the next round could be 2 per cent higher.
Larvotto, named after the beach in Monaco (pictured below) , has 715 units from 1,500 to 2,500 square feet.
The development is located on the waterfront of the Island South area and features 270 degree sea views.
"Larvotto is on a prime location in Island South, and apartments will have amazing sea views from setting between the sea and rolling hills," said Lui.
Source: Sun Hung Kai Properties - Property Report
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