Hong Kong’s real estate bull run gets a lethargic start in Year of the Ox as city’s first sales weekend gets a mixed response
Hong Kong Ferry Holdings and Empire Group sold 76 of 128 flats on offer at Skypoint Royale as of 9.30pm, agents said
International Holdings and the Urban Renewal Authority sold none of the
42 flats on offer at the Sablier project, comprising mostly unsold
Kong’s homebuyers made a tentative return to the market, giving their
collective cold shoulder to older projects but picking up flats at a new
launch to give a mixed response to the city’s first property sales in
the Year of the Ox.
Tuen Mun in the New Territories, Hong Kong Ferry Holdings and Empire
Group sold 76 flas, or nearly 60 per cent of the 128 units on offer, at
the second-round sales launch of Skypoint Royale as of 9.30pm, with as many as 32 buyers bidding for every available flat, agents said.
Tai Kok Tsui, Chevalier International Holdings and the Urban Renewal
Authority failed to sell any of the 42 flats on offer at the Sablier
project, left unsold from a previous launch.
turnout of prospective homebuyers has been pretty good,” agent said,
adding that the sales result was within his expectations. “This is not
the first round of sales for the projects, and many potential homebuyers
have already purchased flats from previous rounds of sales. The price
of flats has also risen slightly.”
tentative return of homebuyers, helped by a booming stock market, is a
particularly important indicator of improving sentiments, particularly
for a city that is still grappling with an unemployment rate that
worsened in January to 7 per cent, close to a 17-year high. A tapering
of new confirmed coronavirus infections and the availability of vaccines
have bolstered confidence, prompting the local government to relax some
of its social-distancing measures, including even exploring so-called
travel bubbles to Singapore.
first 1 million doses of Covid-19 vaccines arrived in Hong Kong on
Friday. Social distancing restrictions were also relaxed as new
infections in the city dipped, after the government had stepped up
mandatory testing and implemented lockdown measures to rein in the
fourth wave of infections in the city.
is the third phase of a six-block project called The Royale in Tuen
Mun. A total of 557 units are available in the two Skypoint blocks, with
each floor hosting between 18 and 27 units.
The first round of sales at the Skypoint Royale earlier this month found 241 buyers for the 281 flats on offer during the city’s biggest weekend launch of the year.
The homes on offer this weekend comprise studio apartments and one-bedroom units. Skypoint Royale’s
flats start from 192 square feet, going up to 357 square feet (33
square metres), with prices from HK$3.3 million to HK$6.6 million after
discounts of up to 9 per cent. The average price was HK$15,847 per
square foot, about 4 per cent more expensive than the previous batch.
Sablier project, first launched last September, also comprises studio
apartments and one-bedroom units. The 17 new flats offered range from
300 sq ft to 340 sq ft, with prices starting at HK$6.2 million, going up
to HK$8.4 million after discounts of up to 8.75 per cent.
arrival of vaccines and improving coronavirus situation in Hong Kong
has boosted sentiment in the property market. Sales of new and
second-hand homes will continue to flourish,” agent said.
(South China Morning Post)