Homebuyers snap up nearly all flats on offer at Sun Hung Kai’s Yoho Hub II for the second weekend, spurred by confidence-boosting market news

Sun Hung Kai sold 203 units out of 213 on offer at Yoho Hub II in Yuen Long as of 5pm on Saturday

That comes after homebuyers snapped up all 210 units offered by the developer the previous Saturday

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The successful Yolo Hub II weekend sales show that homebuyers continue to be attracted by residential developments that have adopted a low-market-price strategy. Photo: Jonathan Wong

Published: 5:26pm, 18 May 2024Updated: 7:17pm, 18 May 2024

Hong Kong homebuyers snapped up nearly all of the discounted flats offered on Saturday at the new Sun Hung Kai Properties (SHKP) project in Yuen Long, as consumer sentiment received a boost from a series of welcome market developments.

SHKP looked on track for another sell-out after 203 units out of 213 on offer at Yoho Hub II were purchased as of 5pm, according to an agent, after homebuyers acquired all 210 units on sale the previous Saturday.

“A number of good news emerged in the past week, all of which helped boost public confidence in entering the [property] market,” said Louis Chan Wing-chit, chief executive of the residential division at Centaline Property Agency.

“These included the Hong Kong stock market rising above 19,000 points with trading volume hitting a half-year high, increased opportunities for US interest rate cuts, and mainland China proposing multiple measures to rescue the property market.”

Chan, who expected all 213 units on offer at Yoho Hub II to sell out again, said Centaline has a big-ticket client who intended to spend HK$25 million on two of the development’s three-bedroom units.

Homebuyers crowd the sales office of Sun Hung Kai Properties’ Yoho Hub II at the ICC in West Kowloon on May 11, 2024. Photo: Jonathan Wong

This weekend’s property sale show that homebuyers continue to be attracted by residential developments that have adopted a low-market-price strategy.