Hong Kong property

Buyers as young as 18 scramble for chance to buy Tuen Mun flat

PUBLISHED : Thursday, 20 April, 2017, 10:15pm
UPDATED : Thursday, 20 April, 2017, 10:15pm

Sun Hung Kai Properties’ sale of a mass residential project in Tuen Mun has attracted large numbers of prospective buyers with the youngest being 18, just old enough to sign a legal contract for a flat purchase, according to agents.

The project attracted more than 2,500 prospective buyers when the first batch of 118 units at Eight Regency went on sale at 7pm on Thursday.

Market sources said close to 50 flats had been sold as of 9.30pm.

“Eighty per cent of our signed up potential buyers showed up. Forty per cent of them are below 30 years old with some only 18,” said Sammy Po, chief executive at Midland Realty’s residential department.

About 30 per cent of these young potential buyers would receive financial support from their parents, he said. “Their parents will help them place the initial down payment.”

Eighty per cent of our signed up potential buyers showed up. Forty per cent of them are below 30 years [of age]
Sammy Po, Midland Realty’s residential department.

Eight Regency is the third project put up for sale since the Hong Kong government issued a new policy last Wednesday. Any local first-time buyer of multiple units in one contract must now pay a 15 per cent stamp duty for each flat. The new policy closed a legal loophole left open since November.

Average prices for the 118 units, with sizes ranging from 310 to 497 square feet, were HK$12,700 per square foot after factoring in a discount of up to 20 per cent. The cheapest is a 328 sq ft costing HK$3.95 million after discount.

Centaline Property Agency’s Asia-Pacific vice chairman Louis Chan Wing-kit estimates that 20 groups of buyers want to purchase two units at Eight Regency, with a budget of HK$8 million to HK$10 million.

The Hong Kong Monetary Authority has asked banks to report mortgage cases related to applicants purchasing multiple flats in one contract before April 19.