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Hong Kong property
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Hong Kong’s homebuyers pile back into real estate market, snapping up Nan Fung’s LP10 flats in Tseung Kwan O

  • A total of 176 of the 179 flats at the LP10 project at Lohas Park in Tseung Kwan O were snapped up by 6pm, according to sales agents
  • The developers offered the first batch for HK$15,888 per square foot on average after a discount of 20.5 per cent

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Buyers queuing for Nan Fung Group's LP10 (Lohas Park 10) flats at the developer’s sales office at Harbourside in Kowloon Bay on January 23, 2021. Photo: Dickson Lee
Iris Ouyang

Hong Kong’s homebuyers piled into the real estate market and ignored a raging coronavirus outbreak in the Kowloon side of the city as they almost cleared out the second new launch of property projects this year.

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Nan Fung Group and MTR Corporation sold 176 of the 179 flats at the LP10 project at Lohas Park in Tseung Kwan O, receiving more than 5,100 registrations of interest, or 27 bids for every available flat, according to sales agents. The developers, who reported HK$1.6 billion (US$206 million) from today’s sale, have offered to put a second batch of 128 flats on the market.

“Spring has arrived early, and brought a booming market with it,” said Kelvin Cheong, operation director of the residential department of Midland Realty, the sole publicly traded network of real property agents in Hong Kong. “The stock market’s surge in recent days [gave the] the sentiment on entering the property market a positive push, which increased the transactions in both the new and secondary housing markets.”

The strong response at LP10, following last weekend’s sell-out launch at Kai Tak, is a shot in the arm for the real estate industry, which is grappling to regain its pace after a decade-long housing bull run was knocked off its footing by months of anti-government protests and a coronavirus pandemic. A record flood of cheap money unleashed by global central banks has buoyed the demand for assets from shares to real estate, creating a stark contrast with the underlying economy which is going through its worst recession in decades.
An undated photo of Lohas Park 10, or LP10, developed by Nan Fung Group and MTR Corporation at the Lohas Park in Tseung Kwan O. Photo: Nan Fung.
An undated photo of Lohas Park 10, or LP10, developed by Nan Fung Group and MTR Corporation at the Lohas Park in Tseung Kwan O. Photo: Nan Fung.
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LP10, the 10th phase of a massive development at Lohas Park, comprises 893 flats in total. The first batch released for sale this weekend comprises two-bedroom and four-bedroom units from 484 square to 1,205 square feet (112 square metres). The second batch on offer next week will comprise two-room and three-room flats of between 484 and 1,004 sq ft.

The developers offered the first batch for HK$15,888 per square foot on average after a discount of 20.5 per cent, little changed from the average price of HK$15,823 per sq ft at CK Asset’s Sea to Sky project in the same neighbourhood, which launched last June. Phase nine of Lohas Park, Wheelock Properties’ Ocean Marni, failed to sell when it launched in March last year just as the first wave of the coronavirus pandemic worsened, at HK$15,238 per sq ft.
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