Hong Kong’s real estate buyers take a breather, ending the three-week sales rally at Road King’s South Land project
- In Wong Chuk Hang on the southern corner of Hong Kong Island, Road King sold 22 of the 106 flats on offer at its South Land project
- In Tuen Mun, Sun Hung Kai Properties (SHKP) managed to find buyers for 13 flats out of the 82 on offer at the second phase of Regency Bay
Hong Kong’s property buyers took a break over the weekend, shrugging aside most of the 188 apartments on offer at two locations, as their demand had been sated by a string of property releases.
In Wong Chuk Hang near Aberdeen on the southern corner of Hong Kong Island, Road King Infrastructure Limited sold 22 of the 106 flats on offer at its South Land project. In Tuen Mun, Sun Hung Kai Properties (SHKP) managed to find buyers for 13 flats out of the 82 on offer at the second phase of its Regency Bay development.
The dismal showing at South Land, in stark contrast to its three previous sell-out weekends, had a more benign explanation: the most sought-after apartments comprising three, and four bedrooms, had sold out, leaving only the less popular studios and single-room flats, said Sammy Po, Midland Realty‘s residential division chief executive.
“The remaining units, most of which are studios and one-room flats, did not appear to be well received by investors,” Po said, adding that the overall marker remains strong. “The weak sales were not a surprise.”
Hong Kong’s first-quarter economy expanded at a faster-than-expected 7.9 per cent, the fastest quarterly pace in 11 years, beating economists’ forecasts and bolstering investors’ confidence in the city’s property market.