Hong Kong’s homebuyers make a beeline for Manor Hill’s tiny flats, shrugging off record average price for Lohas Park area
- Kowloon Development sold 326 of the 438 tiny flats at its Manor Hill project in Lohas Park as of 9pm, according to sales agents
- The flats, measuring between 203 and 428 square feet, were offered at an average price of HK$20,921 (US$2,690) per square foot, setting a record for the area
Hong Kong’s homebuyers snapped up a collection of tiny flats on offer over the weekend at Lohas Park in Kowloon’s Tseung Kwan O area, shrugging off the record price that was 30 per cent more than the most recent launch in the neighbourhood.
Kowloon Development sold 326 of the 438 tiny flats at its Manor Hill project in Lohas Park as of 9pm, property agents said. The flats measure between 203 square feet (18.9 square metres) and 428 sq ft, with prices from HK$3.88 million (US$499,000) going up to HK$9.2 million. The average price of HK$20,921 (US$2,690) per square foot was a record, making Manor Hill the most expensive new launch at Lohas Park.
Still, the tiny flats required smaller capital outlay than larger apartments, a key consideration that attracted many buyers on the first rung of the property ladder or young couples, said Midland Realty’s residential division chief executive Sammy Po.
“We expected sales to be good because of its low entry price, and the project is attractive for young buyers as Lohas Park is becoming popular, with an MTR [subway] station and a shopping centre,” Po said, adding that some customers were keen to fork out HK$13 million for two single-bedroom flats for investment. “About 80 per cent of the [buyers] are young people. Half of them would receive financial help from their parents.”
The modest success of Manor Hill underscores Hong Kong’s real estate bull run, which has gathered momentum in recent months in tandem with the city’s economic recovery and low interest rate.