Property projects at two locations get mixed reception as Hong Kong’s homebuyers pick their way through leftover inventory
- At Lohas Park in Tseung Kwan O, CK Asset Holdings sold 117 of the 159 flats at the Sea to Sky project developed with MTR Corporation
- Across the city in Tuen Mun, buyers continued to shun China Evergrande Group’s Emerald Bay project, with the developer selling 13 of the 269 flats left over from their October 2019 launch
Hong Kong’s weekend property sales saw mixed reception at two different projects, as homebuyers picked and chose their way through two projects that had been on the market for at least nine months.
At Lohas Park in Tseung Kwan O, CK Asset Holdings sold 117 of the 159 flats at the Sea to Sky project developed with MTR Corporation. Buyers were undeterred by the 12-per cent increase in average price since the project’s launch last June, with about seven registered bidders vying for every available unit.
“The sale is quite good for Sea to Sky, which were leftover stock for almost a year since last June,” said Midland Realty’s residential division chief executive Sammy Po, adding that two-bedroom flats were almost all sold, with only larger three-bedroom units remaining.
The mixed reception at the two projects showed how property buyers are becoming more discerning, as this year’s pipeline of new flats may widen to between 20,000 and 36,919 flats, according to Ricacorp Properties’ estimate. Leftover stock are particularly unattractive to customers as they tend to cost more than the new launches that typically are offered at larger discounts.