Homebuyers snap up The Aperture flats by Hang Lung, piling into the first new homes to launch in Kowloon Bay in four decades
- Hang Lung Properties sold 78 of the first batch of 100 flats at The Aperture in Kowloon Bay, receiving about 15 bids for every available unit
- The Aperture costs 29 per cent more than prevailing prices in the second-hand market in Kowloon Bay, where recent transactions were recorded at HK$16,700 per sq ft.
Hong Kong’s homebuyers snapped up a collection of flats on offer over the weekend in Kowloon Bay, shrugging off higher prices as they piled into the area’s newest supply of private homes in decades.
Hang Lung Properties sold 78 of the first batch of 100 flats at its new project, The Aperture at 8pm, agents said. The flats had received nearly 1,500 registrations of interest, translating to about 15 bids for every available unit on average.
The flats on sale ranged from one-bedroom units to three-bedroom flats, with sizes from 320 to 771 sq ft (72 square metres), priced between HK$6.9 million to $16.9 million after discounts. At around HK$21,548 (US$2,763) per square foot, The Aperture is 29 per cent more expensive than prevailing prices in the neighbourhood’s second-hand market, where recent transactions were recorded at HK$16,700 per sq ft.
Due for completion in September 2023, the entire project comprises 294 apartments.
“There was no new supply in Kowloon Bay for 40 years,” said Louis Chan Wing-kit, vice-chairman and Asia-Pacific chief executive of the residential department at Centaline Property Agency. “As it is a mature estate, the demand for home ownership is high among families.”
The brisk take-up reflects improving sentiment among homebuyers as Hong Kong inched closer towards quarantine-free travel to mainland China. The city launched its new Covid-19 health code this week, which serves as an entry ticket to the mainland.
