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Hong Kong property
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Hong Kong’s developers score a hat trick with city’s biggest home sales weekend this year, as stock market boom lifts sentiments

  • MTR and Nan Fung sold 140 of the 179 flats of LP10 at Lohas Park as of 3:30pm, agents said
  • Hong Kong Ferry (Holdings) and Empire Group Holdings sold 200 of the 281 flats of Skypoint Royale at Tuen Mun in the New Territories as of 4:00pm, with 14 buyers bidding for every available unit

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Buyers lining up for Skypoint Royale at the developer’s sales office at The Mira Hotel in Tsim Sha Tsui on February 6, 2021. Photo: Winson Wong
Pearl Liu

Hong Kong’s homebuyers returned to the market, snapping up 83 per cent of the 460 new flats put on sale at two locations in the city’s biggest property sales weekend this year.

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The city’s subway operator MTR and its real estate partner Nan Fung Group sold 142 of the 179 flats on offer at the third batch of their LP10 project at Lohas Park in Tseung Kwan O as at 8:00pm, scoring a hat trick over three successful weekends of sales.

Over at Tuen Mun in the New Territories, Hong Kong Ferry (Holdings) and Empire Group Holdings found buyers for 241 of the 281 flats of Skypoint Royale when sales ended at 8.30pm, with 14 buyers bidding for every available unit, agents said.

The strong sales at the two locations marked the return of Hong Kong’s property bull market, as investors and owner-occupiers alike took advantage of discounted prices and cheap mortgages to pick up assets, confident that the coronavirus pandemic may soon come under control. Sentiments were also lifted by a booming stock market, topped off by Kuaishou Technology’s trading debut that gave investors a threefold windfall on the first day.
Buyers lining up for Nan Fung's LP10 (Lohas Park 10) flats in the sales office at Harbourside HQ, Kowloon Bay on January 30, 2021, during a sell-out weekend for the developer. Photo: Winson Wong
Buyers lining up for Nan Fung's LP10 (Lohas Park 10) flats in the sales office at Harbourside HQ, Kowloon Bay on January 30, 2021, during a sell-out weekend for the developer. Photo: Winson Wong
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“After a whole year of turbulence, people realise that Hong Kong’s home prices may correct but will not slump,” said Derek Chan, head of research at the city’s major property broker Ricacorp Properties. “With vaccines rolling out soon, the macro environment is expected to bottom out. Thus people with real demand for a home decided not to wait any more.”

LP10, the 10th phase of a massive development at Lohas Park, comprises 893 flats in total. The 179 apartments on offer were priced at HK$16,372 per square foot on average after discounts, a 1 per cent increase from last weekend’s sell-out launch. The smallest flat, measuring 513 square feet (47.6 square metres), was listed with a starting price of HK$7.7 million.

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