Homebuyers swarm Hong Kong’s biggest sales launch in 6 months after relaxed lending rules

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Buyers snapped up more than 300 of 504 new flats across Blue Coast II in Wong Chuk Hang and Cullinan Sky in Kai Tak on Saturday

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Homebuyers queued for the Blue Coast ll apartments at Fortune Metropolis in Hung Hom on 19 October 2024. Photo: Jonathan Wong

Yulu Ao

Published: 5:23pm, 19 Oct 2024Updated: 2:35pm, 20 Oct 2024

Homebuyers swarmed property show rooms in Wong Chuk Hang and Kai Tak on Saturday, snapping up most of the 504 flats on offer in Hong Kong’s biggest sales launch in six months after the monetary authority relaxed the city’s mortgage financing rules.

CK Asset Holdings and MTR Corporation sold 188 of the 256 flats at their Blue Coast II project in Wong Chuk Hang as of 5.30pm, according to sales agents, after receiving 8,000 bids for the units on offer. Sun Hung Kai Properties found buyers for 152 of the 248 apartments at Cullinan Sky Phase 2, after receiving refundable deposits from 30,000 buyers for its project at the city’s former airport site in Kai Tak.

The turnout, buoyed by an upbeat stock market, falling mortgage rates and a more relaxed financing limit, is a confidence booster for Hong Kong’s beleaguered property market as it struggles with a supply glut.

“The two projects are expected to be sold out,” said Louis Chan Wing-kit, chief executive of Centaline Property Agency’s residential division. “[They are] benefiting from the new interest rate cut cycle, bullish stock market, as well as a slew of supporting measures announced by the Hong Kong government.”

Blue Coast ll sales, at Fortune Metropolis in Hung Hom on 19 October 2024. Photo: Jonathan Wong

In Wong Chuk Hang, where Hong Kong’s iconic Ocean Park is located, one buyer splurged HK$66.6 million (US$8.6 million) for three of Blue Coast’s three-bedroom flats and a two-room unit, Chan said, without identifying the customer.