Seacoast Royale extends brisk sale for a fourth weekend as Hong Kong buyers snap up homes amid low rates and easing Covid-19

As many as 29 of the 52 units of Seacoast Royale in Tuen Mun found buyers by 5:30pm in the fourth round of sales on Saturday

The property project saw price increases by as much as 17 per cent following the successful previous three batches of launches

Reading Time:2 minutes

Potential buyers queueing up at the sales office of Seacoast Royale in Tuen Mun at the project’s sales office in Tsim Sha Tsui on 29 August 2020. Photo: May Tse

Published: 3:30pm, 29 Aug 2020Updated: 9:08pm, 29 Aug 2020

The Seacoast Royale apartment complex in Tuen Mun extended its brisk sales for the fourth weekend, as decreasing cases of coronavirus in Hong Kong spurred more homebuyers to venture out of lockdown to take advantage of low borrowing rates amid a flood of liquidity.

Buyers snapped up 29 of the 52 flats, or 55 per cent of the day’s offerings by 5:30pm during the weekend sale, according to sales agents. Another 24 flats in the batch are being put up for tender until October 5.

“It is selling well, with a total of 600 units sold out [in the four rounds of the sales],” said Sammy Po, chief executive of the residential division of Midland Realty. “That reflects good real demand.”

The successful sale at Seacoast Royale, developed by Empire Group Holdings and Hong Kong Ferry (Holdings), is a sigh of relief for Hong Kong’s developers, who are bracing for challenging times as a glut of residential property enters the city’s worst economic recession in decades.

Marketed by Henderson Land Developments, Seacoast Royale reported three consecutive sell-out weekends, with as many as 46 people submitting bids for every available unit on August 1, as investors sought to park their money in the world’s most expensive property market amid access to easy money that was released by global central bank to combat the economic damage of the coronavirus epidemic.