Flats at Yuen Long development nearly sell out
Only five units remain at Sun Hung Kai Properties’ Park Yoho Genova, despite gloomy predictions about the Hong Kong housing market
Only five of Sun Hung Kai Properties’ 234 units were left at its Park Yoho Genova development in Kam Tin, Yuen Long on Saturday, despite expectations that home prices will drop in the second half of this year.
The project offered 138 units in the first round, with an average price of HK$11,550 per square foot. The 96 units on offer in the second round have so far sold for an average price of 12,500 per square foot, an eight per cent increase. The cheapest one went for HK$5,801,040 for 526 sq ft, and the most expensive for HK$12,264,000 for 925 sq ft.
The developer, Sun Hung Kai Properties, said the price offered to customers was “a discount” compared with prices on the secondary market.
“70 per cent of the buyers are for self use and 30 per cent for investment,” said Sammy Po Siu-ming, the residential chief executive of Midland Realty. “And 80 per cent of the buyers come from the New Territories.”
In May, Hong Kong recorded the slowest monthly increase in residential property price in four months. The slower pace reflected growing concerns over the prospect of higher interest rates in Hong Kong in the wake of potential hikes by the US Federal Reserve, and a government stamp duty applied in April that has finally started to show its effects.