Hong Kong’s biggest weekend of home sales in 14 months fizzles out after initial buzz as buyers get the pick of 729 flats across city
- Six developers put 726 flats on market in the busiest weekend since July 2019
- Buyers bought 293 flats, or 40 per cent of the total on offer as at 9:30pm, making little progress after an earlier buzz, agents said
Hong Kong's biggest weekend property sale in 14 months fizzled out after an initial buzz, as buyers took their pick of 726 flats offered in six locations across the city, snapping up the lower-priced units that qualified for mortgage financing.
Six developers managed to sell 293 flats, or 40 per cent of the total offer between them as of 9:30pm, agents said. The sale, which was a mixed success earlier in the day, failed to make progress in the afternoon when most of the buying interest focused on three projects were met.
“Among all the different choices, flats valued between HK$5 million and HK$10 million (US$1.3 million) have had the best sale result, driven by demand among first-time buyers,” said Louis Chan Wing-kit, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline Property Agency. “The result was not too bad, given that the virus situation in Hong Kong had only begun to improve.”
Henderson Land Development reported the best results with its Two Artlane project in Sai Ying Pun, selling 58 flats, or 80 per cent of the 72 units on offer, with as many as 13 buyers bidding for each available apartment on average. Prices ranged between HK$6 million and HK$11.1 million, or HK$25,849 per square foot to HK$31,429 per sq ft.
Sun Hung Kai Properties (SHKP), the city’s biggest developer by capitalisation, sold 144 flats at its Wetland Seasons Park project in Tin Shui Wai, or 64 per cent of the 226 available units, with as many as 14 buyers bidding for each unit on average. Prices ranged from HK$12,011 per square foot to HK$17,765 per sq ft.