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Weekend Property
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Hong Kong’s home buyers pile in, posting another bumper sales weekend en route to a record month in September

  • Sun Hung Kai sold all 212 flats at Wetland Seasons Bay in Tin Shui Wai while Kerry Properties sold 185 of its 188 La Marina apartments at Wong Chuk Hang
  • The Upper Riverbank by Longfor and KWG in Kai Tak was the only project that defied the boom, with only five of 55 flats sold

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Homebuyers queuing for Kerry Properties’ La Marina residential units in Wong Chuk Hang at the developer’s sales office in Quarry Bay on 11 September 2021. Photo: Xiaomei Chen.
Daniel Ren

Hong Kong’s buoyant home market continued to strengthen, as buyers bought 88 per cent of the 455 flats on offer at three projects in one of the biggest sales weekends this year, putting the city on track to post a record September in sales.

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Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by capitalisation, posted a fourth consecutive weekend of bumper sales at its Wetland Seasons Bay project in Tin Shui Wai, selling all 212 apartments on offer, with 4,062 bidders vying for every available flat. At Wong Chuk Hang in the southern district of Hong Kong Island, Kerry Properties sold 185 flats at the La Marina project that it’s jointly developing with Sino Land and MTR Corporation.

The only project that defied the boom was the Upper Riverbank at the former Kai Tak airport site, where Longfor Group and KWG Group managed to find buyers for five of the 55 units on offer.

“Strong buying interest made the flats an easy sale,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential department. “Optimism in the city’s property market helps developers sell nearly all the new flats hitting the market this month.”

A general view of Sun Hung Kai Properties’ Wetland Seasons Park (left) and Wetland Seasons Bay (right) residential property projects near Hong Kong’s Wetlands Park in Tin Shui Wai, on 20 August 2021. Photo: Martin Chan
A general view of Sun Hung Kai Properties’ Wetland Seasons Park (left) and Wetland Seasons Bay (right) residential property projects near Hong Kong’s Wetlands Park in Tin Shui Wai, on 20 August 2021. Photo: Martin Chan
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More property buyers are rushing into the market to get ahead of rising prices and potentially higher mortgage rates as the local monetary authority is expected to raise interest rates in lockstep with the US Federal Reserve’s tapering policy. Some investors are also looking to park their capital in fixed assets amid near-zero interest rates.

Hong Kong’s sales of newly completed homes are on track to reach a record 1,800 units in September, a 50 per cent increase from August. Last weekend, nearly 92 per cent of the 588 new flats on offer were sold, with 9,800 people registering their interests to buy.
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