Hong Kong new home sales quiet ahead of big Tseung Kwan O project launch
Sales of homes in the primary residential market remained quiet over the weekend as prospective buyers saved their bullets for CK Hutchison's project in Tseung Kwan O due to be launched tomorrow.
In the primary market, 46 units were sold over the three-day long weekend of to May 25, 34.3 per cent lower than the 70 units sold in the previous weekend, according to BNP Paribas Securities (Asia).
"The primary market will become active again when The Beaumount II goes on sale," said Richard Lee, the chief executive of Hong Kong Property Services (Agency).
CKH's Beaumount II in Lohas Park, Tseung Kwan O, has registered more than 8,000 prospective buyers for the 401 units that are up for sale tomorrow.
"This project has drawn thousands of buyers who failed to purchase one at the Hemera project nearby," said an agent.
In April, CKH registered more than 14,000 prospective buyers for the sale of the Hemera, which sits atop MTR Corp's Lohas Park station. All 1,648 units at Hemera have been sold.
CKH is selling the first batch of 182 units at Beaumount II, about 15 minutes' walk from the Lohas Park station, at HK$9,160 to HK$12,805 per square foot of saleable area, or HK$6.83 million to HK$9.6 million. Buyers will receive a discount of up to 15 per cent, or a price as low as HK$7,786 per square foot, which will be the cheapest in Tseung Kwan O in per square foot terms.
Owing to the strong response, the developer released another 219 units for sale, raising the total number to 401. Beaumount II comprises 872 units and is due for completion next year.
Sun Hung Kai Properties is also launching an aggressive push for its 256-unit luxury residential project, Ultima, in Ho Man Tin.
In the secondary market, 13 units were sold at the 10 largest residential estates tracked by Centaline Property Agency over the weekend, 50 per cent lower than the 26 units sold in the previous weekend.