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Pearl Liu

Hong Kong’s homebuyers returned to the market, snapping up 83 per cent of the 460 new flats put on sale at two locations in the city’s biggest property sales weekend this year.
The city’s subway operator MTR and its real estate partner Nan Fung Group sold 142 of the 179 flats on offer at the third batch of their LP10 project at Lohas Park in Tseung Kwan O as at 8:00pm, scoring a hat trick over three successful weekends of sales.
Over at Tuen Mun in the New Territories, Hong Kong Ferry (Holdings) and Empire Group Holdings found buyers for 241 of the 281 flats of Skypoint Royale when sales ended at 8.30pm, with 14 buyers bidding for every available unit, agents said.
The strong sales at the two locations marked the return of Hong Kong’s property bull market, as investors and owner-occupiers alike took advantage of discounted prices and cheap mortgages to pick up assets, confident that the coronavirus pandemic may soon come under control. Sentiments were also lifted by a booming stock market, topped off by Kuaishou Technology’s trading debut that gave investors a threefold windfall on the first day.

“After a whole year of turbulence, people realise that Hong Kong’s home prices may correct but will not slump,” said Derek Chan, head of research at the city’s major property broker Ricacorp Properties. “With vaccines rolling out soon, the macro environment is expected to bottom out. Thus people with real demand for a home decided not to wait any more.”
LP10, the 10th phase of a massive development at Lohas Park, comprises 893 flats in total. The 179 apartments on offer were priced at HK$16,372 per square foot on average after discounts, a 1 per cent increase from last weekend’s sell-out launch. The smallest flat, measuring 513 square feet (47.6 square metres), was listed with a starting price of HK$7.7 million.
“Sales have been brisk since late January, with enthusiastic reaction among home seekers,” said Louis Chan Wing-kit, Centaline Property Agency’s Asia-Pacific vice-chairman and chief executive of the residential division. “The strong sales have also given developers the confidence to put more flats on the market.”
Skypoint Royale is the third phase of a six-block project called The Royale in Tuen Mun. A total of 557 units are available in the two Skypoint blocks, with each floor hosting between 18 and 27 units.
Bids for US$970 million plot on Peak hint at optimism, analysts say
The homes on the offer this weekend comprise studio apartments and one-bedroom units from 208 square feet to 361 square feet, with a starting price of HK$2.99 million (US$385,686) for the smallest unit.
Encouraged by the strong sales result, Skypoint’s developers said they would put more flats on the market next week, raising the catalogue price by 5 per cent.
Elsewhere in Kwun Tong, 132 apartments of the Grand Central Phase 2 project will go on sale on Monday, said the developer Sino Land.
“There could be an explosive increase in home prices of up to 10 per cent in the first half if the Covid-19 outbreak in the city eases by the middle of the second quarter,” said Ricacorp’s Chan, adding that prices may rise by 1 per cent in February, faster than January’s 0.3 per cent increase.




Some 2,000 new flats are expected to be sold in February, a further increase from 1,500 in January and 583 in December.
The strong sales of new homes have put a floor under home prices, ending in a 0.02 per cent increase in 2020 that defied the city’s 6.1 per cent economic contraction. Hong Kong’s unemployment rate rose to a 16-year high in the quarter ended December, with 250,000 people out of work while the prolonged fourth wave of the coronavirus pandemic combined with the city’s worst recession on record.
The economic malaise is likely to compel the local monetary authority to keep the fiscal and financial taps on to bolster the economy, which will further attract money to seek shelter in fixed assets.


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Hong Kong property

Hong Kong’s developers score a hat trick with city’s biggest home sales weekend this year, as stock market boom lifts sentiments

Buyers lining up for Skypoint Royale’s flat at the developer’s sales office at The Mira Hotel in Tsim Sha Tsui on February 6, 2021. Photo: Winson Wong

Buyers lining up for Nan Fung's LP10 (Lohas Park 10) in the sales off at Harbourside HQ, Kowloon Bay. 30JAN21 SCMP / Winson Wong

Buyers lining up for Skypoint Royale at the developer’s sales office at The Mira Hotel in Tsim Sha Tsui on February 6, 2021. Photo: Winson Wong

Hong Kong’s home buyers return in droves, helping Nan Fung and Sino Land sell three of four flats in Lohas Park and Ma On Shan

Buyers lining up for Nan Fung's LP10 (Lohas Park 10) at the developer’s sales office at Harbourside in Kowloon Bay on January 30, 2021. Photo: Winson Wong

Lohas Park 10. Photo: Nan Fung

Buyers lining up for Nan Fung's LP10 (Lohas Park 10) at the developer’s sales office at Harbourside in Kowloon Bay on January 2021. Photo: Winson Wong

Homebuyers snub China Evergrande’s Emerald Bay project again as rivals outperform in Hong Kong sales

An aerial view of the Emerald Bay project in Tuen Mun during its construction in May last year. Photo: May Tse

Sammy Po Siu-ming, CEO of Midland Realty, visits sales office of the One Kai Tak at Kowloon Bay. 21JAN17 SCMP / Xiaomei Chen

Hong Kong’s homebuyers pile back into real estate market, snapping up Nan Fung’s LP10 flats in Tseung Kwan O

Buyers queuing for Nan Fung Group's LP10 (Lohas Park 10) flats at the developer’s sales office at Harbourside in Kowloon Bay on January 23, 2021. Photo: Dickson Lee

Buyers snap up flats at SHKP’s Cullinan West II in Hong Kong’s biggest weekend property sale in six months

Sun Hung Kai Properties' Cullinan West II above the Nam Cheong MTR station. Photo: Roy Issa

Potential buyers lining up for Sun Hung Kai Properties (SHKP) sale of 117 units for the Cullinan West II, photographed at the International Commerce Centre in West Kowloon. 02SEP18 SCMP / Felix Wong

Hong Kong developers to hold biggest weekend property sale in six months in rush to beat rate rise

The sale also comes as Nomura joins a chorus of banks predicting a sharp fall in property prices ahead

A model of Nan Fung’s LP6 project in Tseung Kwan O. Photo: Lam Ka-sing

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MTR and Nan Fung sold 140 of the 179 flats of LP10 at Lohas Park as of 3:30pm, agents said
Hong Kong Ferry (Holdings) and Empire Group Holdings sold 200 of the 281 flats of Skypoint Royale at Tuen Mun in the New Territories as of 4:00pm, with 14 buyers bidding for every available unit



The strong sales at the two locations marked the return of Hong Kong’s property bull market, as investors and owner-occupiers alike took advantage of discounted prices and cheap mortgages to pick up assets, confident that the coronavirus pandemic may soon come under control.


Weekend Property

MTR Corporation

Nan Fung

Hong Kong housing