Easter weekend property sales fall flat in Hong Kong as buyers wait for new project launches
- A streak of sell-out weekends ended on Sunday when three developers managed to sell only a fraction of 148 flats on offer
- It is difficult to attract new buyers ‘as most are waiting for big new projects to debut next month,’ said Sammy Po of Midland Realty
Wheelock Properties and Sino Land had sold just 13 units as of 4:30pm at their Grand Victoria III development in Western Kowloon, sales agents said.
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“Most of the units sold today are from inventory as all these three projects have been on the market for a while. It is difficult to attract too many new buyers any more as most are waiting for big new projects to debut next month,” said Sammy Po, chief executive of Midland Realty’s residential division.
The dismal results followed some brisk recent weekend property sales, which saw Wheelock Properties and Sino Land shift 202 flats, nearly 90 per cent of what was on offer in an earlier phase of their Grand Victoria project on March 13.
Wheelock sold 80 flats out of 88 offered at its Grande Monaco project at the former Kai Tak airport site in Kowloon in the first batch on February 27.
“Developers did not put many high-end flats up for grabs during Easter as they are expecting prices to go up and are saving more for later,” said Louise Chan, vice-chairman of Asia-Pacific and chief executive of the residential division at Centaline Property Agency. “The bullish sentiment in the property market will carry on.”