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Hong Kong property
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Sino Land sells all 238 flats at Lohas Park in three hours as buyers rush to get ahead of rising mortgage rates

  • All 238 flats at Sino Land ’s Villa Garda I project at Lohas Park in Tseung Kwan O were sold by noon, a spokeswoman said
  • The entry price was HK$6.2 million (US$790,000) for a unit measuring 329 square feet (30.6 square metres)

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Buyers queued up for Villa Garda I in Lohas Park at Sino Land’s sales office at Empire Centre in Tsim Sha Tsui on 30 June 2022. Photo: Jonathan Wong
Lam Ka-sing

Hong Kong’s homebuyers snapped up every flat on sale within three hours during a new launch, taking advantage of the breather offered by the city’s banks as they kept prime rates unchanged after the latest round of global rate hikes.

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All 238 flats at Sino Land’s Villa Garda I project at Lohas Park in Tseung Kwan O were sold by noon, a spokeswoman said, for a total sales haul estimated at HK$2.2 billion (US$280.4 million). Nearly 6,200 bids were received, translating to 26 bids chasing every available flat.

Homebuyers “have taken the interest hike into account to a certain extent,” said Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. “The price set by the developer was a bargain ... [at] below the market level, which made it even more popular.”

The frenzy – a dozen flats were sold every 10 minutes on average – reflected the strong demand for housing in one of the world’s least affordable urban centres, and how quickly buyers react to any change in the macroeconomic environment. Developers have reported bumper sales results in the past two weeks at a handful of new launches across the city.
General view of construction work at Villa Garda I at Lohas Park in Tseung Kwan O, developed by a consortium comprising Sino Land, K Wah International and China Merchants Land, on 25 June 2022. Photo: Sun Yeung
General view of construction work at Villa Garda I at Lohas Park in Tseung Kwan O, developed by a consortium comprising Sino Land, K Wah International and China Merchants Land, on 25 June 2022. Photo: Sun Yeung

Villa Garda I comprises 1,880 apartments, to be developed and launched in three phases. Phase I, with 592 units, is scheduled for delivery in November 2024.

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The entry price at the current launch of the project was HK$6.2 million for a unit measuring 329 square feet (30.6 square metres). The average price was HK$18,136 per square foot after US and Hong Kong’s monetary authorities raised their key interest rates by a whopping 75 basis points on June 16.

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