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Hong Kong’s buyers give their collective cold shoulder to flats at 3 locations, buying only 15 per cent of 200 units on offer
- Country Garden sold 15 of the 70 flats at its Allegro project in Kowloon City, while Henderson sold eight of 15 of The Quinn apartments in Tai Kok Tsui, agents said
- Over at the former airport site at Kai Tak, Wheelock Properties sold six of 115 Monaco Marine units on offer
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Hong Kong’s property buyers mostly stayed on the sidelines over the weekend, buying up less than 15 per cent of the 200 apartments on offer at three locations across the city.
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Country Garden sold 15 of the 70 flats at its Allegro project in Kowloon City, while Henderson Land Development sold eight of 15 of The Quinn apartments in Tai Kok Tsui, according to sales agents. Over at the former airport site at Kai Tak, Wheelock Properties sold six of 115 Monaco Marine units on offer.
“The buying sentiment appeared to be extremely weak,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. “A bunch of negative factors are still weighing on homebuyers who are still taking a wait-and-see attitude.”
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The lukewarm response was in stark contrast to Friday’s bumper sale at Grand Mayfair in Yuen Long, where more than 90 per cent of 428 flats on offer were snapped up. The project, jointly developed by Sino Land, K Wah International and China Overseas Land & Investment (COLI), has recorded more than HK$10.1 billion (US$1.29 billion) in proceeds from selling about 1,100 flats in three weeks, making it the most popular property launch of 2022 in the city, the developers’ spokeswoman said.
Higher mortgage rates are becoming a primary concern for Hong Kong’s banks and developers after the world’s most expensive property market took a beating from the fifth wave of the Covid-19 pandemic in the first quarter.
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