Residential real estate sales are on the decline in B.C., but that hasn’t stopped Magnum Projects Ltd. owner George Wong from racking up impressive sales at his River Green project in Richmond.
The British Columbia Real Estate Association noted last month that residential sales in B.C. declined 36% to 5,507 units in October, compared with the same month in 2009.
Wong, however, told Business in Vancouver Wednesday his company is on track to sell $500 million worth of real estate in 2010, including $270 million worth of real estate at Richmond’s River Green project since sales launched on June 19.
“We’re getting 40% above the average Richmond selling price,” Wong said of his project’s average $930,000 selling price per unit.
Sales so far include 280 of the 458 units on offer. All five suites priced at more than $3 million have sold. So have 25 suites priced between $1.5 million and $2.5 million.
River Green’s sales launch coincided with the opening of what Wong described as the most expensive presentation centre in B.C. history. (See “HST confusion clouds market” – issue 1078; June 22-28.)
In 2011, Wong is looking ahead to launching sales for a Vancouver Island condo project in suburban Victoria named Coho Living.