Hong Kong homebuyers snap up discounted Uppland flats in Tuen Mun, reversing sales flops

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Early Light International Holdings sold all 188 apartments on offer at The Uppland project at the Gold Coast Bay in Tuen Mun on Saturday, agents said

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Property buyers for Tuen Mun’s The Uppland apartments flock to the sales office of Early Light International at the Regal Kowloon Hotel in Tsim Sha Tsui on July 20, 2024. Photo: Edmond So

Zhang Shidongin Shanghai

Published: 4:40pm, 20 Jul 2024Updated: 8:28pm, 20 Jul 2024

Hong Kong’s homebuyers snapped up all the new flats available during a weekend sale in the New Territories, attracted by the district’s cheapest launch prices in eight years after the developer offered massive discounts to revive demand in a sluggish market.

Early Light International Holdings, a property developer owned by the tycoon Francis Choi Chee-ming, sold all 188 apartments on offer during the initial launch of The Uppland at the Gold Coast Bay in Tuen Mun as of 6.20pm, according to real estate agents.

The first batch of flats on offer comprised studio units to three-bedroom apartments, with prices ranging between HK$1.84 million (US$235,588) and HK$7.03 million after discounts. That translates to a range of HK$8,903 to HK$11,900 per square foot. The average price is about 10 per cent cheaper than a project launched last month in the same neighbourhood.

The pricing of The Uppland project “is very attractive, so lots of buyers have turned up”, said Sammy Po Siu-ming, chief executive officer of the residential division at Midland Realty, one of Hong Kong’s biggest network of real estate agents. “The developer may put more flats for sale in the near term.”

An artist’s impression of the The Uppland apartments at the Gold Coast Bay in Tuen Mun, developed by Early Light International Holdings. Photo: Handout

Choi, dubbed the “Toy King” of Hong Kong for producing die cast Nascar collectibles and licensed dolls including Harry Potter and Bratz, turned to developing property two decades ago.

Early Light priced its new project in the New Territories at an eight-year low, reflecting how Hong Kong’s developers are deploying low-price strategies to entice buyers amid a slump in transactions.