Hong Kong’s homebuyers shrug aside coronavirus relapse to snap up SHKP’s Regency Bay flats in Tuen Mun

Sun Hung Kai Properties (SHKP) sold 105 flats, or nearly 97 per cent of the 108 units on offer at its Regency Bay project, as of 10pm

More than 1,700 people submitted bids at the launch, or nearly 16 people for each available flat.

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Potential home buyers line up at the sales office of Sun Hung Kai Properties (SHKP) to bid for 108 units of the Regency Bay project in Tuen Mun on 25 July 2020. Photo: Xiaomei Chen

Published: 5:38pm, 25 Jul 2020Updated: 7:14pm, 3 Aug 2020

Hong Kong’s homebuyers braved social distancing rules and a record relapse in the city’s coronavirus infections, as they turned out in droves to snap up some of the most expensive newly launched homes in Tuen Mun in the New Territories.

Sun Hung Kai Properties (SHKP), Hong Kong’s biggest developer by market capitalisation, sold 105 flats, or nearly 97 per cent of the 108 units on offer at its Regency Bay project, as of 4pm, according to sales agents. More than 1,700 people submitted bids at the launch, or nearly 16 people for each available flat.

“We are seeing a strong turnout, with many prospective homebuyers coming to view and select flats,” said Sammy Po Siu-ming, chief executive of the residential division at Midland Realty. “The strong sales show that home buying sentiment had not been affected by the third wave of coronavirus infections in the city, or the escalating US-China tensions.”

The performance by SHKP would bolster the confidence of other developers who are closely watching for signs of resilience in the world’s most expensive home market, which is being weighed down by an unprecedented economic slump. Joblessness in the city rose to its highest level in more than 15 years, hitting 6.2 per cent in the three months ended in June, as the city finds itself entangled in the deteriorating relations between the United States and China.

View of Regency Bay built by Sun Hung Kai Properties at 23 Hoi Wong Road, Tuen Mun. on 24 July 2020. Photo: Edmond So

Regency Bay’s prices start at HK$4.68 million for a studio flat measuring 261 square feet, after discounts, going up to HK$7.3 million for a two-bedroom apartment of 437 sq ft (40.6 square metres).

The average price of the first 108 flats on offer was HK$17,498 per square foot after discounts, nearly 30 per cent higher than Henderson Land’s new batch of flats at Seacoast Royale, which go on sale on Sunday in the same district.