Thousands defy thunderstorm to snap up Nan Fung’s LP6 flats in Lohas Park, lured by developer’s discounts

Thousands of Hong Kong homebuyers defied a thunderstorm to vie for apartments in the city’s biggest property sale in six months, attracted by developers’ discounts as they slash prices ahead of additional supplies coming on stream.

Nan Fung Development sold 460 units of its LP6 project in Lohas Park, or 95 per cent of the 487 units on offer, as of 8:15pm on Saturday. A total of 8,145 people registered for the sale, or 17 buyers vying for every unit, lured by the average discounts of 19.5 per cent off the prevailing prices, agents said.

“A handful of buyers wanted to buy four flats for more than HK$28 million each,” said Louis Chan, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline Property Agency. “Investors can lease one-bedroom flats at Lohas Park for more than HK$9,000 a month, at a return of about 3 per cent.”

A customer from mainland China put down HK$35 million (US$4.5 million) for three of the three-bedroom units and a single-bedroom studio for investment, paying HK$10.5 million in stamp duty, agents said.

The overwhelming response came despite a likely rise in prime rate among local banks next month and forecasts by at least four banks that home prices would drop next year.