Hong Kong buyers snap up most of 360 flats at 2 projects as confidence returns
Buyers snapped up most units on sale, even though one agent said the Middle East conflict was ‘like a bucket of cold water’ on demand
Buyers snapped up most of the nearly 400 new homes released for sale in Hong Kong on Saturday, offering an early gauge of housing demand in one of the biggest launches since the Chinese New Year holiday.
As of 7:30pm, about 310 of the 360 units released at Chinachem Group’s Zendo House in Tsim Sha Tsui and Wing Tai Properties’ Cloudview in Sheung Shui had been sold, according to Centaline Property.
Louis Chan Wing-kit, vice-chairman and president of the agency, said confidence in Hong Kong’s property market remained strong despite geopolitical tension.
“Primary home sales are expected to reach 2,800 this month – the highest level in nearly two years,” said Chan. “Market confidence remains strong ... although external conditions are volatile, this could actually benefit the property market.”
Wing Tai sold about 150 of the 200 units released in the first round of sales at its Cloudview project in Sheung Shui, ranging from studio units to two-bedroom apartments with storage rooms, with sizes between 286 and 445 sq ft.
After discounts of up to 20 per cent, prices range from about HK$3.68 million (US$470,000) to HK$7.75 million, equivalent to roughly HK$12,687 to HK$17,413 per square foot.