Flat sales to remain buoyant after Lunar New Year, say agents
Sammy Po Siu-ming, a director of real estate agency Midland Realty, said that after the strong sales performance in January he expected developers to become more aggressive with launches of new flats during the Lunar New Year holiday.
New home sales in Hong Kong remain buoyant ahead of the Lunar New Year, traditionally a low season, and agents expect the momentum to continue after the holiday break.
"The market froze for about two months after the government introduced cooling measures in October, but we have seen some end-users and long-term investors returning to the market since January, after the policy address, helped by factors including low interest rates, inflationary pressures, and currency depreciation due to the loose monetary policy of the United States."
Po said that after the strong sales performance in January he expected developers to become more aggressive with launches of new flats during the Lunar New Year holiday.
Sun Hung Kai Properties (SHKP) was likely to begin selling its 352-unit Residence 88 project in Yuen Long as early as Tuesday, he said. The flats are sized between 600 and 1,186 sq ft and the market expects the asking price to be about HK$7,000 to HK$7,500 per sq ft, based on gross floor area.
The developer might also launch its 161-unit Imperial Kennedy development in Sai Wan later this month, which is expected to be priced at around HK$30,000 per sq ft. Other developers, such as Emperor International, would also begin selling the flats remaining in their projects during the Lunar New Year, Po added. The new lunar year begins on Sunday.