Hong Kong’s first property launch of 2018 gets off to a roaring start as SHK’s St Barths sells out
The sale out at SHK’s St Barths, where 18 buyers queued for every available unit, indicates that Hong Kong’s property market is showing no signs of cooling off.
Hong Kong’s first property launch of 2018 got off to a roaring start, as Sun Hung Kai Properties sold all of its 118 apartment units at the St. Barths complex in Ma On Shan, setting price records for the neighbourhood.
Among the sales was a five-room unit measuring 1,352 square feet for HK$35.9 million (US$4.6 million), or HK$26,545 per square foot, according to property agents . Another 1,138-sq ft unit was sold for HK$30.3 million, or HK$26,626 per sq ft.
The successful sales at St. Barths, where as many as 18 prospective buyers submitted bids for every single available unit, indicates that Hong Kong’s booming residential property market is showing no signs of cooling off, even as the local monetary authority raised interest rates and city officials had been at pains to warn buyers of the dangers of rising mortgage payments.
The sell out at St. Barths was mainly spurred on by the Hong Kong government’s new stamp duty bill that helped ease the pressure facing homeowners who wish to switch flats, said Louis Chan Wing-kit, Asia-Pacific vice-chairman at Centaline Property Agency’s residential department. This week, the Legislative Council passed a stamp duty amendment bill that doubled the tax-exemption period on owners who wanted to sell their flats.
“Today’s sale, mainly comprising property in the mid-range of the price scale, attracted those who wanted to upgrade their flats,” Chan said. “So the government’s move increased the confidence among buyers, encouraging them to buy first and sell later.”