Sales of new flats in Hong Kong lose steam but one project draws long queue

Less than half the 371 units in three projects offered by three developers in Hong Kong were sold over the weekend, although another project just opened for pre-launch registration has drawn keen interest despite concerns about an interest rate rise in the US next month which would impact the property market here due to the peg between greenback and Hong Kong dollar, according to agents.

By Sunday afternoon, around 72 units of 111 offered at The Capri in Tseung Kwan O were sold by Wheelock Properties, and about 27 units of 110 put in the market at Bloomsway in Tun Mun were offloaded by Kerry Properties. Some 49 units of 150 units offered at South Coast in Aberdeen were sold by Kowloon Development by Sunday evening.  

“Since it is the second week after the first-launch of The Capri and Bloomsway, their sales momentum has slowed somewhat this weekend,” said Sammy Po Siu-ming, chief executive at Midland Realty’s residential department.

Some 301 units of The Capri’s 308-unit first-batch offer and 223 of 333 units in the first-batch of Bloomsway were sold the previous weekend.

The most expensive unit of all on offer - a 254-square foot flat costing HK$5.4 million after a 10 per cent discount at South Coast was not sold.

Po said Cheung Kong Property Holdings’ first-batch of 238 units at Yuccie Square in Yuen Long has drawn more than 10 times the number of expressions of purchase interest since it was open for registration on Saturday. They were priced at HK$10,848 to HK$14,998 per usable square foot.

“There was a very long queue at its sales office, since Cheung Kong will sell the units at prices some 15 to 20 per cent below secondary market units, and it is offering mortgages up to 80 per cent of the selling price,” he said.