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The Onmantin private housing under construction in Ho Man Tin on May 2, 2024. Photo: May Tse
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Heavy rain dampens sales at Great Eagle’s Onmantin project in Ho Man Tin with 67 units sold of 150

  • Sales of the units, which ranged from 340 sq ft to 783 sq ft at HK$18,597 to HK$28,350 per square foot, were suspended after a red rainstorm signal on Saturday
  • About a third of clients registered to buy the flats came from mainland China, according to Midland Realty
Hong Kong property
Mia Castagnone
Mia Castagnone
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Bad weather softened sales for Great Eagle Holdings’ Onmantin residential project over the weekend as some 150 flats went up for sale in Ho Man Tin.
Sales were suspended by midday, after 67 of the units were sold, when a red rainstorm signal was issued, according to agents.

The listings for the one- to three-bedroom units, ranging from 340 sq ft to 783 sq ft, were priced from HK$7.01 million (US$897,200) to HK$19.4 million, or HK$18,597 to HK$28,350 per square foot, after discounts.

Most of the sales for the day went to the larger two- and three-bedroom units, according to property agent Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.

Hong Kong homebuyers snap up all flats at Great Eagle’s Onmantin project

The Onmantin project comprises 900 flats in five 24-storey towers, and sits above the Ho Man Tin railway station in Kowloon. It is expected to be completed in two phases of 418 and 572 units.

The units were priced about 10 per cent higher than the discounted price per square foot in the first listing last weekend.

The project sold out the 260 units on offer in its first launch last week. Po estimated that about a third of Midland clients who registered to purchase the flats came from mainland China.

“After the easing of restrictions, there has been a noticeable increase in mainland Chinese buyers,” he said.

Approximately 60 per cent of all buyers were purchasing for personal use, he added, while the other 40 per cent were buying for investment.

Many developers have been actively launching new projects to meet market demand and opting for attractive pricing strategies. Po expects this trend to continue in the near term.

Prices at Onmantin marked the lowest in the neighbourhood since 2016, when Kerry Properties launched its Mantin Heights development at an average of HK$19,000 per sq ft.
Potential buyers queue up in Mong Kok for units of Great Eagle Holding’s Onmantin residential project in Ho Man Tin on April 27, 2024. Photo: Xiaomei Chen
The Hong Kong government has recently announced a slew of incentives in hopes of sparking new growth in the market. In February, Hong Kong scrapped many of its decades-old curbs to douse excessive speculation that drove property prices to among the highest in the world. The removal of those measures came as home prices in the city hit a seven-year low.
Local developers have been hoping to boost sales by capitalising on positive market sentiment following the fresh government incentives.
Meanwhile, interest rates will continue to weigh on the minds of mortgage holders, as the Hong Kong Monetary Authority (HKMA) said on Thursday that high interest rates may “last for some time”, in line with rates in the US, where inflation remains stubbornly high.
The HKMA kept Hong Kong’s base rate unchanged for the sixth time at 5.75 per cent, in lockstep with the Fed’s move.
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