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Hongkongers snub new homes at Miami Quay, Kai Tak, as rising interest rates, slow economy kill demand
- As of 7pm only two out of 139 units on offer at the development on the site of Hong Kong’s former airport had been sold, according to Midland Realty
- ‘Higher interest rates are weighing on sentiment,’ said Victoria Allan, founder and managing director of Habitat Property
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Hongkongers continued to snub new home sales on Sunday as sentiment in the property market remained weak and potential buyers stuck with a wait-and-see attitude brought on by rising interest rates and a sluggish economy.
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As of 7pm, only two out of 139 units on offer at Miami Quay, a new development at the site of Hong Kong’s former airport, had been sold, according to Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. Among the 139 units on offer on Sunday, 65 were new, while the rest was left unsold last week.
The project at Kai Tak was jointly developed by Wheelock Properties, Henderson Land Development, New World Development and Empire Group.
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Sunday’s sales were even worse than last Monday when less than a third of 137 flats that went on sale in the first batch found buyers.
“Last time they sold about 40 flats. Buyers interested in this project made their purchases then,” Po said. “The developers decided to launch another round of sales with the hope of attracting more buyers, but market sentiment is slow and the wait-and-see attitude prevails. There were not many new buyers for the extra launch so the sales were lacklustre.”
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