Hong Kong property buyers still piling in as more than 11,000 hopefuls sign up for three projects

Buyers are still piling into the Hong Kong residential property market after more than 11,000 potential buyers signed up to buy flats in three new projects being released this week despite the likelihood that the US Federal Reserve will increase interest rates this week.

Riding high on the surge in demand for properties in the city, developers will be releasing more than 870 individual units, with an estimated value of more than HK$11 billion (US$1.4 billion), for sale this week.

With a third batch of 46 units released on Monday, Cheung Kong Property will offer a total of 188 units at its Seanorama development in Ma On Shan for sale on Friday.

On the same day, Sun Hung Kai Properties says it plans to release at least 105 more flats at its Cullinan West development on top of West Rail’s Nam Cheong Station on Saturday, raising the total units on sale there to 315.

“The strong initial responses for these projects show there is still an excess of liquidity but limited investment alternatives,” said Thomas Lam, senior director at Knight Frank.

With some purchasers planning to buy more than one flat, he said property investors rather than those planning to actually live in them now accounted for about 30 per cent of new flat sales.

One buyer recently bought six units, totalling 12,912 square feet, at the Altamira luxury residential project at the Mid-Levels for HK$758.8 million, or HK$58,767 per square foot, through tender sale, according to private developer Majestic Elite Property Development.