(Bloomberg) -- Wheelock Properties Ltd. fetched nearly HK$2.4 billion ($307 million) selling 368 apartments in its Seasons Place project in Hong Kong, the developer said in a text message late Saturday.

The units were 31 times subscribed and were sold as of 6 pm on Saturday, Executive Director Ricky Wong said. This makes the apartments above the Lohas Park mass transit rail station, the most hotly contested new homes in the city this year. The developer plans to put more units in the project on sale as soon as the coming week.

Hong Kong last month scrapped the extra property taxes, hoping to revive a sluggish home market. Developers’ strategy to sell new projects at low prices to clear an abundant supply has also drawn in buyers from the used home market.

Wheelock co-developed the Seasons Place project with MTR Corp., which operates the city’s mass transit rail system. The initial price of HK$14,188 per square foot for the first batch of 130 units was the cheapest for first-batch sales in the area since mid-2019 and 8% lower than secondary units in the neighborhood.

About 60% of the buyers plan to live in the new homes, another 20% were investor. Mainland Chinese professionals accounted for 20% of the buyers.

The Seasons Place sales boosted the number of new homes Wheelock offloaded in the last 25 days to 568, grossing nearly HK$6 billion.

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