Hongkongers snap up cheaper new homes in weekend home sale bonanza that saw 223 flats on offer
- Most of the new units on Saturday came from Villa Garda III in Tseung Kwan O, which sold 73 of the 138 put up for sale
- Developers have been cutting prices and offering steep discounts to try to drive sales amid elevated interest rates
Hong Kong on Saturday saw 223 new residential units across five projects made available to homebuyers, with the new major launch of 138 flats at a project in Tseung Kwan O offering discounts as high as 15 per cent.
As of 4.30pm, Villa Garda III sold 73 out of 138 units, according to property agents. The units comprise 17 one-bedroom, 113 two-bedroom and eight three-bedroom flats, with areas ranging from 340 sq ft to 719 sq ft.
Under its so-called 200-day talent payment plan, with a maximum discount of 14 per cent and a 4.5 per cent cash rebate on the remaining plan, units were priced at an average of HK$16,308 (US$2,243) per square foot. With the deductions, the flats were priced from HK$5.77 million to HK$12.28 million or HK$15,168 per square foot to HK$17,653 per square foot.
In comparison, a lived-in 343 sq ft unit at the five-year-old Wings at Sea II, also in Lohas Park, was listed for HK$6.4 million or HK$18,659 per square foot, according to Midland Realty’s website on Saturday. The average price in the estate was HK$15,840 per square foot.
“The project is welcomed by buyers. It has good public transport and a shopping mall, allowing people to enjoy a good living environment,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “Also, its price has a large discount compared with one year ago.”
Given its proximity to the Lohas Park MTR station, about 20 per cent of the potential buyers of the property were “long-term investors”, said Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency.
