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Price-sensitive buyers snap up 51 units at The Quinn Square Mile in Tai Kok Tsui, netting HK$330 million for Henderson

Young buyers snap up 51 units out of 138 on offer at The Quinn Square Mile, Henderson Land says

Sunday’s launch follows an eventful week of new launches as pent up demand resurfaces after Covid restrictions

Henderson Land Development sold 51 units out of 138 on offer at the residential project The Quinn Square Mile in Tai Kok Tsui on Sunday, according to the developer, as price-sensitive buyers snapped up small-sized flats amid a pickup in new project launches from developers over the past week.

Most of the units sold by 6pm were one-bedroom flats and studios, according to property agents, with the majority of buyers being end users younger than 30 years old. Agents expected about 60 per cent of all available units to be sold by the end of the day, the second of the three-day Labour Day weekend.

“Many buyers remain optimistic about the property market outlook, as there is a strong pent up demand from buyers standing on the sidelines in the first quarter and fourth quarter of last year,” property agent said.

The sale of the Henderson Land project followed an eventful week of launches from developers, which saw new orders from buyers every day of the week. This is in sharp contrast to the preceding three-month lull in sales as social distancing measures linked to the city’s fifth wave of Covid-19 caused developers to delay new project launches.

Ahead of the sale, The Quinn Square Mile received 900 registrations from interested buyers, meaning about 7 interested buyers were going after each of the 138 units on offer, according to local media.

The batch released today, which accounts for about a fifth of the total 614 units in the project, also featured two-bedroom flats, with the biggest flat measuring up to 382 sq ft. The first-batch units were earmarked for sale at an average launch price of HK$23,928 per square foot after discounts offered by the developer.

That is about 1 per cent lower than units at Soyo, another tiny flat development in Mong Kok from Chun Wo Development Holdings. The launch price for those units last December was an average of HK$24,179 per square foot.

The Quinn Square Mile sales have so far netted HK$330 million for Henderson Land, according to Mark Hahn, the general manager of sales.

The resurgence in interest has also come ahead of more rate hikes in store for the rest of this year, which could increase buyers’ mortgage repayments down the line.

The US Federal Reserve is widely expected to raise the Fed funds rate by half a percentage point this month, as US inflation rose at the fastest pace in 40 years. The Hong Kong Monetary Authority would likely mirror the hike in its base lending rate due to Hong Kong’s currency peg to the US dollar, adding upwards pressure to mortgage payments linked to interbank rates.

Some potential buyers may be prompted to buy ahead of further rate hikes, which banks typically respond to with higher income requirements for mortgage applicants, agents said. That might have fuelled sales at The Grand Mayfair I in Yuen Long, which was developed by Sino Land, K Wah International and China Overseas Land and Investment. All 388 flats on offer sold out on Friday.

Sales of new homes are likely to hit 1,200 units in April, according to another property agent. That would make it the busiest month since December, when 1,493 units were sold, according to Land Registry data. Sales could rise further to a 10-month high of 2,000 in May, the agent predicted.

(South China Morning Post)



為協助公務員建屋合作社 (下稱合作社) 解決重建難的問題,市區重建局 (下稱市建局) 於2020年5月以試點形式啟動土瓜灣區兩個合作社項目重建計劃,其中盛德街/馬頭涌道重建項目 (下稱盛德街項目) 去年8月開始收購,至今年4月底已有逾九成業主接納收購。市建局亦透露,已就西灣河一帶合作社向業主進行意見調查,絕大部分業主期望其樓宇可作重建。


前述兩個合作社項目,其中盛德街項目涉及約155個業權,預計日後可重建約640個私人住宅單位。市建局行政總監韋志成於網誌中指出,該項目推展進度較順利,地盤內9個合作社中,有8個在市建局開展項目前已經解散;餘下1個涉及12伙的合作社,在市建局顧問團隊支援下,只需約一年完成整個解散合作社 (散社) 和取回業權的程序,較以往社員自行處理散社所需的時間,縮短約18個月。

該項目僅有約9個業權因為業主離世後之繼承手續等較複雜的問題,尚未成功收購;其餘逾140個業權,市建局早前已向業主發放現金補償和特惠津貼。韋志成說,部分業主已陸續在九龍城、沙田、元朗等地區購買單位,另有43名業主選擇市建局提供的重置單位認購方案,有9人於上周一 (4月25日) 成功購入市建局位於九龍東啟德煥然壹居的樓換樓單位,部分則擬購買日後原址興建的新盤內的樓換樓單位,43人中有約一半則擬選購香港房屋協會正於啟德興建的專用安置屋邨內所提供的資助出售房屋。