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Young homebuyers snap up Sun Hung Kai Properties’ Novo Land flats as steep discounts offset higher mortgage rate
- Buyers, most of them young and purchasing homes for the first time, bought 371 of 383 units on offer in the third phase on Sunday
- First-time buyers continued to snap up flats at the popular project in Tuen Mun, shrugging off concerns about higher mortgage rates
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Young homebuyers continued to snap up flats at the popular Novo Land project in Tuen Mun on Sunday as steep discounts outweighed concerns around rising mortgage rates.
Sun Hung Kai Properties (SHKP) sold 371 of 383 units on offer in the second phase of its Novo Land project, according to agents.
“The sales are ideal,” said Sammy Po, chief executive of Midland Realty’s residential department in Hong Kong and Macau.
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Around 80 per cent of the buyers on Sunday were young, first-time buyers, attracted by discounts of up to 20 per cent, agents said.
Today’s strong sales came after the second batch of units at Novo Land sold out within just four hours last Wednesday. The developer’s low pricing strategy has at least partially offset the impact of rising interest rates and attracted hordes of young buyers driven by a strong desire to get a foothold in Hong Kong’s notoriously expensive property market.
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Homebuilders in the city are speeding up their sales in a bid to get ahead of the interest rate increases. It is expected that more banks will follow HSBC, which last week became the first of the city’s major lenders to raise its mortgage rates.
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