The first round of sales of 148 units at Wheelock Development's KOKO ROSSO in Lam Tin was so crowded that the sales office at Gateway Towers was at one stage extended beyond the Harbour City shopping mall, a rare sight in recent times.

According to market sources, all units were sold out by around 11pm, generating a total of $1.14 billion in cash. The market's overwhelming response, coupled with the government's relaxation of stamp duty for first-time buyers and a rebound in the property price index, led Wheelock managing director Wong Kwong-yiu to say yesterday that the project would be slightly increased in price in the near future.

KOKO ROSSO is offering 148 units at a discounted price of $5.545 million to $9.215 million, all of which will benefit from the new stamp duty policy for first-time buyers.

The developer started arranging for admission to the property at 6pm yesterday, but a number of buyers and agents had lined up at the lift entrance half an hour before, with about 500 buyers and agents lining up outside the mall by 6.30pm.

According to Wong, 18 units, all two-bedroom units, had been sold in the first half hour of the sale.

Midland's Chief Executive Officer of Residential (Hong Kong and Macau), Mr Bo Siu Ming, revealed that the bank's customer attendance rate was as high as 80%, the highest in recent times for new developments, with young buyers in the post-80s and post-90s accounting for 70% of the total, mostly for self-use.

One buyer proposed to spend about $19 million on two 2-bedroom units in a row. Centaline Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing Kit, revealed that the bank's largest client was planning to spend close to $20 million on two two-bedroom units.

In addition, SHKP's NOVO LAND Phase 2B in Tuen Mun received more than 2,500 votes on its first day yesterday, and was oversubscribed by about 16 times based on the 146 units offered in the first price list.

According to SHKP's Acting General Manager, Mr H L Chan, there is a chance that additional units will be deployed in the next two days, with no less than 75 units expected, mainly one-bedroom and two-bedroom units. All units in Price List 1 will benefit from the relaxation of stamp duty for first-time buyers, which is believed to be helpful to sales.

The project has been open for public viewing since Tuesday and has recorded over 16,000 visitors as of last night, with more than 80% of the visitors being home users.