Hong Kong’s real estate buyers give the cold shoulder to leftover flats as they reserve their fire power for new launches
- Investors bought 30 of the combined 191 flats on offer at four projects in two locations, representing 16 per cent of the total on offer this weekend
- Buying interest may return next month when Sun Hung Kai Properties puts its Wetland Seasons Bay in Tin Shui Wai on the market, agents say
Investors bought 30 of the combined 191 flats on offer at Seaside Sonata and Grand Victoria III in Cheung Sha Wan, as well as Aquila. Square Mile and Cetus. Square Mile in Tai Kok Tsui, representing 16 per cent of the total on offer this weekend.
“These homes have been on the market for some time, and are more expensive than their launch prices,” said Sammy Po, chief executive of Midland Realty’s residential department. “These units will continue to be available, so [buyers feel] there is no rush to sign up today, and will take longer to come to their decisions.”
The tepid response to the leftover flats marked a momentary breather in Hong Kong’s galloping residential property market, fuelled by low-interest mortgages amid signs of a recovering economy.
The weekend’s sales were not helped by the fact that only one of every 15 apartments on sale were priced less than HK$20,000 per square foot, with the majority priced between HK$25,000 and HK$29,000 per square foot.
