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Hong Kong property
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Hong Kong’s smaller developers steal a march on big guns, offer discounts to offload flats before Lunar New Year holiday

  • Such developers ‘need to capture the market’s attention before larger developments are launched starting from March’, Midland’s Sammy Po says
  • Smaller firms might also be forced to sell flats at a loss because land costs have been high in recent years

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Lofter Group’s Elize Park project in Hong Kong’s Mong Kok East. Photo: Handout
Salina Li
The developers of smaller residential projects in Hong Kong are hastening sales by offering discounts before the Lunar New Year holiday, with the aim of increasing their market share before larger projects are launched later in the year.
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Lofter Group, a local developer that was established in 2012 and focuses on urban renewal projects across core districts, launched Elize Park in Mong Kok East on Tuesday.

The project will have a total of 52 units, including one and two-bedroom flats ranging in size from 240 sq ft to 345 sq ft. The project’s sales brochure and price list will be made available to the public this month, with sales expected to launch before the Lunar New Year holiday at the earliest, said Carol Chow, Lofter’s founder and chairperson.

The developer is currently observing the market and expects the relaxation of the government’s property cooling measures to stabilise the situation.

“We are optimistic about Hong Kong’s property market in the mid to long term, and we will keep an eye on premium lands in core districts,” said Alvin Leung, Lofter’s director. The firm is expected to launch three to four commercial and residential projects this year.

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The market generally expects that interest rates in the United States have peaked and there is a chance they will be lowered this year, which bodes well for Hong Kong’s property market as the city’s monetary authority will act in lockstep with the US Federal Reserve because of the Hong Kong dollar-US dollar currency peg, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.

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