Buyers pile into Hong Kong’s biggest weekend property sales in seven months as they park their investments in fixed assets
- Increased investor interest was seen in Saturday’s sales of three newly released projects in Hong Kong
- Investors and owner-occupiers snapped up 379 flats, or 76 per cent of the 500 units on offer across the city as of 8.40pm, according to sales agents
Buyers piled into Hong Kong’s biggest weekend property sales in seven months, snapping up new homes on offer at three locations across the city over the Labour Day holiday weekend, as they set aside concerns of a flare-up in coronavirus cases to park their investments in fixed assets.
Investors and owner-occupiers bought 379 flats, or 76 per cent of the 500 units on offer across the city as of 8.40pm, according to sales agents. The total tally excluded 10 luxury units which were sold without price guidance, the results of which will be disclosed next week.
Road King Infrastructure Limited sold all 240 flats at its South Land project at the Wong Chuk Hang subway station. The first apartment project to sit atop a major subway station in about three decades received 5,500 bids, or an average of 22 buyers registering their interest for every available unit, with one family splashing HK$200 million (US$25.8 million) for eight units of South Land’s three-bedroom apartments, agents said without identifying the buyers.
Brisk sales were also reported at Sino Land’s One Soho project in Mong Kok, where 121 of the 168 apartments found buyers. Sun Hung Kai Properties (SHKP), aiming to repeat its 90 per cent sell-out launch from last weekend, sold 18 of the 82 apartments on offer at phase two of its Regency Bay development in Tuen Mun.
The bull run in the residential property market underscores the economic conundrum amid raging coronavirus pandemic: the torrent of cheap money unleashed by global central banks to bolster the world economy finding its way into the stock market and fixed assets, as investors seek higher returns for capital. Hong Kong’s economy is struggling to claw its way out of the worst contraction on record, and the city’s jobless rate is at a multi-year high.
“The sales progress of the three projects can be regarded as hot,” said Midland Realty’s residential division chief executive Sammy Po. “Purchasing power is increasingly being released as people worry that money will depreciate amid low interest rates, and they prefer to invest it in property.”
