Hong Kong homebuyers snap up 138 Garden Regency flats in New Territories project
Top developer clears all units in weekend launch after offering a maximum 16 per cent discount
Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, has sold out the first batch of units at its Garden Regency project in the New Territories on Saturday, according to agents.
By 3.30pm, all 138 flats the developer had launched in the Kam Tin North project in Yuen Long had found buyers, the agents said.
“It’s been a while since we have seen the launch of a new project in Hong Kong,” said Norry Lee, senior director of projects strategy and consultancy at JLL.
The slowdown in the launch of new projects in Hong Kong came amid an anticipated increase in interest rates in the second half of the year, with developers also expected to adjust their pricing strategy to boost sales.
“I believe a potentially higher interest rate will slow the market,” Lee said. “But for Garden Regency, SHKP has already started with a lower price to counter the risk of a high-interest rate environment.”
The first price list of the Garden Regency indicated a maximum 16 per cent discount on the flats, which ranged from 289 sq ft to 412 sq ft and were put on the market at HK$3.93 million (US$501,000) to HK$5.88 million. The units were priced between HK$11,950 (US$1,524) and HK$14,795 per square foot.