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Jack Lau

Hong Kong homebuyers gave a lukewarm response to Wheelock Properties’ Monaco residential project in Kai Tak on Friday evening, setting the tone for over 600 units that go on sale at four housing projects up to Sunday.
Wheelock said it had sold nearly half of the 90 units. A market source, however, said buyers had only picked up 42 units.
The 619 homes, which include eight offered through tender, are the most offered for sale over three consecutive days since September, when 720 units from five projects went on sale.
If the developers find buyers for all the units, new home sales could reach nearly 1,800 in January, said Louis Chan Wing-kit, Centaline Property Agency’s Asia-Pacific vice-chairman and chief executive of the residential division.




Homebuyers have already snapped up 1,116 new flats in the first 28 days of January, data from Ricacorp Properties shows.
Hong Kong’s housing market has remained active despite the city’s economy shrinking a record 6.1 per cent in 2020. The Rating and Valuation Department’s price index for private residences rose 0.02 per cent in 2020, indicating that housing prices have been stable.
P﻿rices were likely to rise as transactions increase﻿, said Ivy Wong Mei-fung, managing director at Centaline Mortgage Broker, adding that developers had stepped up sales of new flats in the fourth quarter of last year.
Construction of new private housing units, which fell ﻿to 11,800 last year, the lowest since 2011, could further drive up prices, analysts said.
Wheelock said it had received 1,300 pre-registrations for the flats, which range from 280 sq ft to 727 sq ft and were priced between HK$23,714 and HK$28,648 (US$3,058 and US$3,694) per square foot. The developer has already sold 277 of 399 flats in the housing project during two rounds of sales earlier in January.
In addition to the 90 flats from Wheelock, developers are selling another 529 new homes on Saturday and Sunday.
Nan Fung Group and MTR Corp will sell 218 flats on Saturday at LP10, the 10th phase of the Lohas Park estate in Tseung Kwan O. The companies said they had received more than 4,080 applications for the second round of sales.
Also on Saturday, Sino Land will sell 50 units at the Silversands residential project in Ma On Shan. Eight other units will be put up for bids, which will close on March 31.
On Sunday, China Evergrande Group, mainland China’s largest and most indebted developer, is selling 253 units at phase two of The Emerald Bay project in Tuen Mun.

Separately, the number of residential mortgage loans in negative equity dropped 7 per cent to 185 in the fourth quarter of 2020 from the previous quarter, according to data from the Hong Kong Monetary Authority on Friday.
The number has continued to fall since the first quarter of last year, when it stood at 384, and a far cry from an all-time high of 1,307 cases in the second quarter of 2016.
The aggregate value of such loans dropped 8.23 per cent to HK$1.06 billion (US$136.7 million) in the fourth quarter of 2020 from HK$1.15 million in the third quarter, the HKMA data showed.


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Hong Kong buyers shun new flats at Wheelock’s Park Seasons project as home sales slow in May

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Wheelock Properties

﻿Wheelock’s Monaco project in Kai Tak receives lukewarm response as ﻿developers look to end January on a high

Potential buyers line up for 90 units at Wheelock Properties’ Monaco development in Kai Tak, at its sales office in The Gateway, Tsim Sha Tsui, on Friday. Photo: Edmond So

Overall view of Monaco development by Wheelock Properties, 12 Muk Tai Street, Kai Tak. 20NOV20 SCMP/ Winson Wong

Hong Kong homebuyers defy broken economy, surging unemployment, snapping up flats at Wheelock’s Monaco project in Kai Tak

The second round of sales at the development in Kai Tak saw almost all of the 133 units taken within four hours. Photo: Winson Wong

Potential buyers line up at the sales office for flats at the Monaco development in Kai Tak. Photo: Nora Tam

Hong Kong’s homebuyers pile back into real estate market, snapping up Nan Fung’s LP10 flats in Tseung Kwan O

Buyers queuing for Nan Fung Group's LP10 (Lohas Park 10) flats at the developer’s sales office at Harbourside in Kowloon Bay on January 23, 2021. Photo: Dickson Lee

Lohas Park 10. Photo: Nan Fung

Homebuyers snap up latest batch of flats at Pavilia Farm as they ignore rising Covid-19 infections in city

Some 133 of the 396 flats on offer at The Pavilia Farm project in Tai Wai were sold by lunchtime on Sunday. Photo: Jonathan Wong

Adrian Cheng Chi-kong, CEO and Executive Vice-chairman of New World Development, photographed in Tsim Sha Tsui. 04NOV20 SCMP / Xiaomei Chen

Business

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Hong Kong & China

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Buyers had snapped up nearly half of the 90 units as of 10pm
As many as 1,800 new homes could be sold in January, says Centaline’s Louis Chan



As many as 1,800 new homes could be sold in January, with buyers already snapping up 1,116 new flats in the first 28 days of the month.


Hong Kong property

Asia housing and property

Nan Fung

Hong Kong housing

Wheelock’s Monaco project in Kai Tak receives lukewarm response as ﻿developers look to end January on a high

Buyers had snapped up nearly half of the 90 units as of 10pm As many as 1,800 new homes could be sold in January, says Centaline’s Louis Chan

Wheelock’s Monaco project in Kai Tak receives lukewarm response as developers look to end January on a high

Buyers had snapped up nearly half of the 90 units as of 10pm

As many as 1,800 new homes could be sold in January, says Centaline’s Louis Chan