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Hong Kong property: In One, Grand Jete post bumper sales as homebuyers rush back after banks held mortgage rates unchanged
- MTR Corporation and Chinachem Group sold all 179 flats of their In One project at Ho Man Tin, at an average price of HK$27,083 per square foot
- In Tuen Mun, 86 per cent of the 400 flats on offer at the second phase of the Grand Jete project were sold as of 8:30pm
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Hong Kong’s homebuyers returned to the property market days after the city’s commercial banks opted to keep mortgage rates unchanged.
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MTR Corporation and Chinachem Group sold all 179 flats of their In One flats on offer at Ho Man Tin, agents said. The one-bedroom to three-bedroom units were offered at between HK$7.97 million and HK$30.45 million (US$3.9 million), or HK$27,083 per square foot.
Over at Tuen Mun, 86 per cent of the 400 flats on offer at the second phase of the Grand Jete project by CK Asset and Sun Hung Kai Properties (SHKP) were sold as of 8:30pm. Nearly 5,000 people braved a thunderstorm to queue up at the developer’s sales office in Hung Hom to bid for the flats, according to local media reports.
The long queues were a welcomed sight for Hong Kong’s developers and sales agents, as rising interest rates combined with the Covid-19 pandemic to knock the city’s property bull market off its footing. On Thursday, Hong Kong’s commercials agreed in unison to keep their lending rates unchanged, which attracted buyers to return to the market before borrowing costs resumed their upswing.
“The sales are ideal,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “People are positive about the economic outlook after the border reopening, while [this week’s] rate hikes were in line with expectation.”
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