Most of the new units on Saturday came from Villa Garda III in Tseung Kwan O, which sold 73 of the 138 put up for sale.
Almost 4,000 homebuyers rushed to snap up flats at CK Asset Holdings’ Coast Line I in Yau Tong on Sunday, just a week after all units in the other phase of the project, Coast Line II, sold out on their first day of sales.
The developers behind Villa Garda III housing project in Hong Kong have hastened its sales campaign, releasing its first price list at discounts in response to the renewed buying interest sparked by CK Asset’s successful launch.
Hong Kong property developer CK Asset Holdings has released the price list for the first 50 units at its Coast Line I project just two days after homebuyers snapped up all 626 apartments in Coast Line II on Saturday.
Hong Kong’s powerful guild of property developers allayed fears of a price war in the home market.
Hong Kong’s home prices may retreat from 2023 until 2025, amid an expected supply surge of about 20,200 private homes, according to data from Our Hong Kong Foundation.
Sun Hung Kai Properties sold all 188 units of its Novoland project in Tuen Mun on Saturday afternoon, a sign that buyer sentiment is improving after sales hit a four month low in May.
Historically high lending rates did not deter buyers from purchasing more than half the available flats at the In One Above project by Chinachem Properties and MTR Corporation on Sunday.
Many purchases came from investors, but mainlanders were not prominent among buyers of the University Hill project, agents said.
Chinachem Properties and the MTR Corp sold 151 – about 70 per cent – of the 210 flats on offer at their latest project, In One, on Sunday, as easing interest rate rises boost sentiment among homebuyers and investors.
Homebuyers snapped up at least 103 of 138 flats at Koko Mare on Saturday, as the reopening of Hong Kong’s economy and other positive developments boost purchasing sentiments.
The Chill Residence development from Poly Property and L’Avenue International sold just 10 of 128 flats by Sunday afternoon.
Weekend sales at three property projects in Hong Kong were tepid on Saturday, as homebuyers take a “wait and see” approach with prices expected to fall.
CK Asset launches the first 20 units of its Powerhouse development in Kensington and Chelsea amid Sterling’s recent plunge.
As of 7pm only two out of 139 units on offer at the development on the site of Hong Kong’s former airport had been sold, according to Sammy Po of Midland Realty.
Homebuyers in the city flocked to buy flats on offer this weekend at Sun Hung Kai’s Novo Land project in Tuen Mun, reflecting a pre-emptive move against an expected rise in prime rate.
The project in Tuen Mun sold more than 96 per cent of the new flats on offer as first-time buyers eager to get on the property ladder took advantage of steep discounts.
Hong Kong’s Henderson Land Development sold all flats at its One Innovale-Archway project in Fanling for a second consecutive weekend on Sunday, showing that demand remained strong despite rising interest rates.
With 666 flats for sale on Saturday, Hong Kong saw the most units for sale in a single weekend in two years.
Demand was fuelled by steep discounts offered by the developer and speculation over a potential increase in the city’s prime rate.
Hong Kong’s biggest mortgage lenders kept their prime rates unchanged immediately after the monetary authority’s June 16 move, giving homebuyers the opening to get ahead of higher borrowing costs.
HSBC, Standard Chartered, Bank of China (Hong Kong) and Hang Seng Bank kept their prime rates unchanged this week, even after the city’s de facto central bank raised its base rate by 75 basis points.
The sell-out launch marked the second bumper weekend for SHKP, which sold all 170 flats last weekend, a successful campaign that gave the developer the confidence to raise the average price by 0.9 per cent.
Hong Kong homebuyers adopted a wait-and-see attitude on Saturday, with sluggish sales at two new offers, amid rising mortgage costs and a higher jobless rate.
The lukewarm response was in stark contrast to Friday’s bumper sale at Grand Mayfair in Yuen Long, where more than 90 per cent of 428 flats on offer were snapped up.
An estimated 70 per cent of customers bought for their own use, with investors making up the remainder of the purchases, bolstering confidence in the market’s buying power, agents said.
The flop, in contrast to Henderson Land Development’s sell-out weekend a week earlier, showed how Hong Kong’s property buyers are becoming picky amid a flood of new apartments expected in the market.
Sun Hung Kai is set to enjoy a brisk festive weekend sale at Yoho Hub as optimism returns to the market amid economic recovery. Some buyers bring forward their purchases to pre-empt higher borrowing costs.