Hong Kong home sales extend post-Covid winning run as buyers snap up 78 per cent of flats in Yuen Long project
- Buyers snapped up at least 111 of 143 units at a project called After the Rain in Yuen Long district on Saturday
- Lived-in home prices in Hong Kong rose in January after borders were reopened, ending a seven-month slide
At least 111 of 143 units on offer at the After the Rain project were sold when showroom doors were closed last night, according to agents. The project, developed by closely-held Star Properties, added to a series of strong take-up rates in property launches since early January, when China officially scrapped quarantine requirements.
Apart from the border reopening, the market also improved following a cut in stamp duty in February, some analysts said. While the project has its own appeal, it may have benefited from buyers who turned away from Kai Tak earlier this week to look at flats in other locations.
“The result is quite good,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “The attraction is that it is close to the Long Ping station, so transport is convenient.”
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The Yuen Long project offers units with sizes ranging from about 250 to 900 sq ft at an average price of HK$14,491 per sq ft. The cheapest units start from about HK$4 million (US$127,000), making it popular among the city’s first-time homebuyers, Po added.
The price is comparable to other last year’s launches in the district, such as units at Park Yoho Bologna that were sold in October at HK$13,088 per sq ft. Flats at Grand Mayfair were tagged at HK$17,608 per sq ft during its launch in April.
