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Hong Kong homebuyers snap up Uptown East flats worth US$179 million in Kowloon Bay, as market rebounds after curbs removal

  • Some 238 of 336 units available at Uptown East in Kowloon Bay, worth about HK$1.4 billion, found buyers as of 6pm on Sunday
  • The units range from studios to two-bedroom flats, with prices from HK$3.73 million to HK$8.89 million after discounts

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Buyers line up inside the Tsuen Wan sales office of the Uptown East residential project in Kowloon Bay on March 17, 2024. Photo: May Tse
Enoch Yiu

Hong Kong homebuyers on Sunday rushed into the market to snap up most of the new flats on sale in Kowloon Bay, as developers continued to offer discounts to meet the pent-up demand unleashed by the government’s abolition of purchasing curbs.

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Wong Sun Hing and partner New World Development sold 238 of the 336 flats at their Uptown East project as of 6pm, recording sales worth about HK$1.4 billion (US$179 million), according to the developers. Agents expect the project to sell out by more 80 per cent at the end of the sales period tonight.
This marked the second major new property offering since the government removed property cooling measures and the Hong Kong Monetary Authority relaxed its mortgage policies on February 28.

The first batch of flats on sale include studios and two-bedroom units, ranging in size between 278 and 561 square feet (25.8 and 52 square metres). The units were priced from HK$3.73 million to HK$8.89 million after discounts of up to 23 per cent. Another 12 flats measuring from 560 sq ft to 750 sq ft are on offer through tender until Monday.

Uptown East, a residential project developed by Wong Sun Hing and partner New World Development, seen under construction on March 15, 2024. Photo: Xiaomei Chen
Uptown East, a residential project developed by Wong Sun Hing and partner New World Development, seen under construction on March 15, 2024. Photo: Xiaomei Chen

The removal of curbs last month and the roll-out of policies to attract tourists are expected to boost the local economy, according to Wong Sun Hing group managing director Connie Wong Wai-ching, who indicated that 80 per cent of buyers on Sunday were owner-occupiers and Hong Kong residents.

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