New | Hong Kong developers to launch more flats to cash in on rising demand
As many as 7,900 apartment units in 20 projects are due to go on the market in the second quarter. Developers will speed up the process of launching them to cash in on demand
Hong Kong’s developers will accelerate the launches of new apartments, taking their cues from the stronger-than-expected housing demand in the past two weeks.
As many as 7,900 apartment units in 20 new projects are scheduled for launch in the second quarter, according to data gathered by the South China Morning Post. Developers had been encouraged by the demand over the past two weeks to raise prices, agents said.
Two major projects by Cheung Kong Property Holdings and Sun Hung Kai Properties, two of the city’s bellwether developers, will offer clues of the market’s direction.
“Buying sentiment is really hot as most projects have generated unexpectedly strong sales outcomes,” said Alfred Lau, an analyst at Bocom International. “It will encourage more prospective buyers to enter the market as they are concerned about missing out on the buying opportunities.”
More than half of the units will be in the New Territories, led by CK Property’s 970-unit Ocean Pride and Chinachem Group’s 953-unit Parc City, which is close to the Tsuen Wan West MTR Station on the West Rail.