Li Ka-shing’s Regency Cove sold out at cut price

KUALA LUMPUR: All 77 units launched at Regency Cove in Shanghai, a development by the richest East Asian Li Ka Shing, were fully sold within two to three weeks, despite Shanghai’s lower weekly sales volume, the Shanghai Business News reported.

An analyst was quoted as saying that the overwhelming response to these villas, located in Maqiao, Minhang District, was due to their lower-than-expected average selling prices of RMB67,000 (RM31,268). These units were previously quoted at RMB80,000. They have average built-up areas of between 200 to 400 sq m (2,152 to 4,305 sq ft).

The report said that Regency Cove had attracted a few hundred visitors in the first three months since it was opened for preview early this month.

Shanghai’s weekly new homes’ sales volume has gone down to 70,000 sq m (753,473 sq ft), since the implementation of new policies on housing loans.

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