Wang On sells all 143 small flats at The Met.Azure in Tsing Yi as fear of missing out fuels buyers’ rush to get on property ladder
- Wang On Properties sold all 143 units offered for sale at The Met.Azure project in Tsing Yi, with 13 buyers bidding for every available flat
- The flats were priced at less than JHK$5 million each after discounts, qualifying first-time buyers for 90 per cent mortgage financing
A weekend launch of micro apartments sold out in Hong Kong, as first-property buyers snapped up the only new flats available for less than HK$5 million, days after home prices broke records in the world’s least affordable real estate market.
Wang On Properties sold all 143 units offered for sale at The Met.Azure project in Tsing Yi, with 13 buyers bidding for every available flat in a project that’s about 25 minutes’ walk to the local subway station. The entire project, scheduled for completion in December 2022, comprises 320 micro apartments that range from 181 to 257 square feet (24 square metres).
The flats were priced from HK$3.89 million to as much as HK$4.61 million (US$592,000) after discounts, within the threshold that qualified first-time buyers for 90 per cent mortgage financing.
“There is strong demand for this type of flats, which allow [first-time buyers] the chance to enter the market” with budgets of less than HK$5 million,” said Midland Realty’s residential division chief executive Sammy Po. “There’s even full sea view” from the flats, he said.
The sell-out weekend reflects how Hong Kong’s economic recovery and falling unemployment rate are fuelling the city’s real estate market, aided by low mortgage rates and a greater confidence now that the coronavirus outbreak appears to be tapering in the city.
“People are more confident in entering the [property] market,” and to make long-term financial commitments, Po said, adding that the brighter outlook augers well for upcoming launches like Sun Hung Kai Properties’ Wetland Seasons Bay in Tin Shu Wai.
