Sino Land rolls out homebuyer incentives package, including low mortgage lending rates, for Grand Central project
- Hong Kong property developers are beginning to roll out incentives to help shield homebuyers from the latest borrowing costs
- Sino Land has an incentive package on offer at Grand Central in Kwun Tong, including a mortgage rate as low as 2.375 per cent
Hong Kong property developers are beginning to roll out incentives to help shield homebuyers from the latest borrowing costs, after the Hong Kong Monetary Authority nudged up the base lending rate by a quarter-point on Thursday, matching the December rate decision by the US central bank on Wednesday.
Sino Land became among the first to unveil a package of buyer incentives on Thursday afternoon, including a mortgage rate from as low as 2.375 per cent in conjunction with Bank of East Asia, in addition to a cash rebate and HK$4,000 (US$510.97) in free credit.
“I believe that the HKMA’s move will have minimal impact on a premium property like Grand Central, given the good performance in sales to date,” said Raymond Ng Kai-man, deputy director of the personal banking division of Bank of East Asia.
Sino Land sold 383 flats at Grand Central on Tuesday, after 5,000 potential buyers had registered for the sale, which began last week.
Nevertheless, analysts said cheaper mortgages do not necessarily serve as a huge draw for buyers.
“Buyers’ sentiment to purchase is more heavily dependent on the actual price point of properties, the overall market outlook and the prospects of the US-China trade war,” said Thomas Lam, executive director, head of valuation and advisory at Knight Frank.
