Exclusive | A family spends HK$200m on nine apartments during Hong Kong’s bumper sales weekend
Three developers offered 1,000 apartments for sale, attracting 23 potential buyers for every single unit, in the strongest display of interest since November 2016.
A family of three buyers spent more than HK$200 million on Saturday to buy nine apartments at Sun Hung Kai Properties’ Cullinan West, the most enthusiastic response during a bumper weekend for Hong Kong developers that registered the strongest buying interest in three months.
Each family member bought three four-bedroom apartments, for a combined shopping bill of more than HK$200 million (US$25.8 million) , according to agents familiar with the transactions. The buyers’ identities and the sizes of their purchases were not immediately available.
The three projects registered 23 prospective buyers on average for every unit available, the most enthusiastic response by customers since November 2016, according to data by the developers.
Buyers thronged sales rooms, taking advantage of the lull before the city’s commercial banks raise their mortgage rates in line with last week’s moves by the US Federal Reserve and the Hong Kong Monetary Authority to increase interest rates. Nine additional interest rate increases are to be expected until 2019, the HKMA’s chief executive Norman Chan Tak-lam said on Thursday.
“Sales are good today, as the prices are comparatively cheap for apartments with ocean view,” said Sammy Po, chief executive of Midland Realty’s residential department. “Demand is strong and buyers don’t seem to be worried about interest rates as the pace for increases is quite clear now,”
