Eager beavers: buoyed by strong buying sentiment, developers rush to launch Hong Kong projects

Record high prices have yet to deter buyers from going on a spree as there has been a flurry of activity in Hong Kong’s property market, leading to the end of the first quarter.

Property observers say that an uptick in buying sentiment has pushed developers into flooding the market with new flats.

David Ji, director and head of research, greater China, at property consultancy Knight Frank, said in a research report this week that residential sales rebounded 24 per cent last month, with the return of sellers and buyers after the Lunar New Year holidays. More new flats were launched during this time, with developers offering sweeteners to offset the impact of the stamp duty rise, Ji said in the report.

In addition to a number of large-scale projects across the city intended for the mass market in the coming months, developers are also working on how best to time the launches of their luxury projects.

Over the past two weeks, Sun Hung Kai Properties has been intensively marketing the Cullinan West project at Nam Cheong station. The first batch of 309 units, valued in excess of HK$4.8 billion, will go on sale this weekend, according to Victor Lui, the company’s deputy managing director.

The developer is also all set to market St. Barths, a medium- and low-density development on the Ma On Shan waterfront, near Wu Kai Sha station. With views of Tolo Harbour, the first phase will comprise 353 flats, while the second phase will offer 67 houses, the developer says.