Hong Kong homebuyers pounce on Starfront Royale launch in Tuen Mun, lured by easing pandemic and low interest rates
- Hong Kong Ferry Holdings and Empire Group sold 218, or 88 per cent of the 248 flats on offer at the second phase of Starfront Royale in Tuen Mun as of 6:30pm
- As many as 4,000 registrations of interest were received, which translates to 16 bidders vying for every available flat
Homebuyers and investors have seized the opportunity to get their hands on yet another new property project, snapping up most of the flats offered for sale on Sunday in one of Hong Kong’s fastest-growing districts.
Hong Kong Ferry Holdings and Empire Group sold 218, or 88 per cent of the 248 flats on offer at the second phase of Starfront Royale in Tuen Mun as of 6:30pm, with 16 bidders vying for each available unit, agents said. Hong Kong Ferry is owned by Henderson Land Development, one of the city’s largest property developers.
“Easing threat from the Covid-19 pandemic and expectation that low interest rates will stay for a long while have encouraged buyers,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division.
The successful launch of Startfront Royale, following CK Asset Holdings’ 90-per cent sell-out haul a day earlier, marked a bumper weekend for Hong Kong’s real estate market, after many months in the doldrums as the coronavirus pandemic, a two-year US-China trade war and a year-long spate of anti-government protests combined to take their toll on the industry. As many as 2,000 new flats are likely to be sold in November, a third more than last month, according to Po’s forecast.
Starfront Royale, comprising 614 apartments in the second phase, is scheduled for completion in April 2022. Prices range between HK$2.99 million and HK$15.3 million, or HK$14,369 to HK$20,486 per square foot, for apartments starting from 208 square feet to 996 sq ft (93 square metres).