According to the latest information, as of yesterday, the project has received close to 1000 applications, with oversubscription exceeding 5 times, indicating a strong market demand for the project. The main applicants are young individuals and families in need of more living space.
The sales gallery of Wai Ming is located on Observatory Road in Tsim Sha Tsui, attracting a large crowd, with the number of visitors increasing steadily. On-site observations reveal a continuous stream of people interested in the project, some of whom have already received tickets and are preparing to choose their units on Saturday. According to internal sources, nearly 1000 tickets imply that around HKD 50 million has been frozen in the market.
Hong On Estate stated that due to the project's affordable unit prices, it has attracted significant attention from local residents, especially young individuals looking to buy their first homes and families seeking additional residential spaces. The sale does not impose a large-scale purchasing restriction, allowing buyers to choose between 1 to 2 units.
Wong Tai Sin Wai Ming will offer 165 units at discounted prices, with a maximum discount of 30%, resulting in an average price of HKD 16,622 per square foot after the discount. The lowest-priced unit is Unit G on the 3rd floor, approximately 230 square feet, a one-bedroom unit, with a discounted price of HKD 3.388 million, or HKD 14,730 per square foot. The highest-priced unit is Unit E on the 27th floor, approximately 375 square feet, a two-bedroom unit, with a discounted price of HKD 7.4452 million, or HKD 19,854 per square foot.
Wong Tai Sin Wai Ming has successfully become a focal point in the property market with its low-price strategy, sparking a small-scale application frenzy. The first 50 units were introduced to the market at an average discounted price of HKD 15,326 per square foot. Due to the lack of new developments in the area in the past five years, the project is more attractive compared to new projects in Kowloon East.
The project quickly added additional units on the first day, followed by continuous additions over the next few days. The average price per square foot after the discount gradually increased, reaching HKD 19,037 in the fourth round of pricing, a 6.3% increase from HKD 17,917 in the third round and a significant 24.2% increase compared to the first batch of units.
Wong Tai Sin Wai Ming, located at 28 Ming Fung Street, offers a total of 230 units with diverse floor plans ranging from 178 to 375 square feet. The units include open-plan layouts to two-bedroom options, with approximately 60% of the total units being one-bedroom units. The project is expected to be completed by the end of May 2025, allowing owners to move in within 17 months.