K&K Property’s one-bed flats in Tuen Mun meet with tepid response as Hong Kong buyers await bigger project launches

The SkyeH! development appealed mainly to cost-conscious, first-time buyers, according to property agents

Only half of the batch of 79 flats were sold on Sunday, but property agents remain positive about the market outlook as the economy recovers

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The development of one-bedroom flats mostly attracted younger, cost-conscious first-time homebuyers. Photo: Dickson Lee

Published: 8:07pm, 25 Jul 2021Updated: 9:22pm, 25 Jul 2021

A sale of new flats in the west of Hong Kong’s New Territories failed to hit the spot with buyers on Sunday, with only half of the 79 small units available being snapped up.

But property agents said the modest sales at K&K Property’s project SkyeH!, which has a total of 112 units, were not indicative of the overall state of the city’s real estate market. They said that because all the units in the development are one-bedroom flats, it has mostly attracted younger, cost-conscious first-time homebuyers.

Older, more experienced buyers with deeper wallets are standing on the sidelines awaiting the launch of bigger new projects, such as Sun Hung Kai Properties’ Wetland Seasons Bay project in Tin Shui Wai next month. That development has 1,996 flats on offer and will be a more accurate gauge of overall demand, the agents said.

“Property prices are likely to continue to rise for the rest of this year,” said Sammy Po, chief executive of Midland Realty’s residential department. “We are keeping our full-year forecast of a 15 per cent rise this year compared to 2020.”

Prices at SkyeH! ranged from HK$22,204 to HK$22,530 per square foot, yielding a total cost of between HK$4.5 million and HK$5.4 million per flat.

Based on the developer’s price list published on July 15, the launch price was 11 per cent higher than a nearby project even after K&K property offered a discount of up to 16 per cent at SkyeH!.

A total of 550 registration of interests were received for this, the first round of sales, meaning about seven interested buyers were going after each of the 79 units available.

K&K Property’s one-bed flats in Tuen Mun meet with tepid response as Hong Kong buyers await bigger project launches

The SkyeH! development appealed mainly to cost-conscious, first-time buyers, according to property agents Only half of the batch of 79 flats were sold on Sunday, but property agents remain positive about the market outlook as the economy recovers

The SkyeH! development appealed mainly to cost-conscious, first-time buyers, according to property agents

Only half of the batch of 79 flats were sold on Sunday, but property agents remain positive about the market outlook as the economy recovers