The latest residential launch by Far East Consortium (0035), The Garrison at Tai Wai, was oversubscribed 25 times for the first 50 flats despite the Hong Kong interbank offered rate continuing to rise.
One-month HIBOR, which is linked to mortgage borrowing costs, climbed to 1.649 percent yesterday from 1.62 percent on Monday. And the three-month HIBOR climbed to more than 2 percent.
Far East Consortium received 1,300 subscriptions for the first batch of flats, which has an average price per sellable square foot of about HK$23,000.
Following the oversubscription, the local developer launched a second batch of apartments for presale on Saturday, with an additional 62 one-bedroom homes priced at between HK$5.18 million and HK$7.88 million, or HK$23,000 and HK$29,000 per sellable sq ft.
Meanwhile, Sun Hung Kai Properties (0016) launched an additional 88 apartments in its St Martin project, with prices unchanged from the previous batch of HK$18,319 per sellable square foot.
The presale of the project in Tai Po's Pak Shek Kok is expected on Saturday. The latest batch comprises studio, one-, two- and three-bedroom homes priced from HK$5.32 million to HK$15.6 million.
Meanwhile, SHKP's Victoria Harbour project in North Point received 400 subscriptions for the first batch of 71 flats.
Pre-sale is also expected this weekend.
The latest residential project of New World Development (0017), Fleur Pavilia in North Point, reported its first case of forfeiture of a deposit. About HK$1.12 million, or 5 percent of the price, was surrendered.
The case involved a 823 sellable-square-foot three-bedroom flat that was sold for HK$22.48 million last month, according to transaction record.
A total of 450 apartments at Fleur Pavilia have been sold since its launch last month, bringing HK$10.8 billion into New World coffers.
The development provides 611 flats at 1 Kai Yuen Street.