Thousands of Hongkongers snapped up new flats during the calm before Mangkhut’s landfall

Enthusiasm high in hot property market despite large storm and recent downbeat investment sentiment

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Thousands of potential buyers line up at the sales launch of Nan Fung Development’s LP6 development in Tseung Kwan O on 15 September 2018, during the calm before Super Typhoon Mangkhut made landfall in Hong Kong. Photo: SCMP/ Edward Wong

Published: 11:41am, 16 Sep 2018Updated: 3:57pm, 17 Sep 2018

Thousands of Hong Kong homebuyers took advantage of Saturday’s calm before a pending super typhoon to get their hands on the second batch of Nan Fung Development’s LP6 flats in Tseung Kwan O, casting aside any concern of rising mortgage rates, or the city’s first bear market in stocks since 2015.

The developer sold 464 apartments, or about 95 per cent of the 488 units on offer, for a total sales value of HK$4.28 billion (US$540 million) as of 9pm Saturday, while Super Typhoon Mangkhut was 528 kilometres away in the South China Sea on its way toward Hong Kong.

“The enthusiasm of individual buyers was not affected by the recent downbeat investment sentiment or volatile stock market,” said Louis Chan, Asia-Pacific vice-chairman and chief executive of residential division at Centaline Property Agency.

As many as 5,800 buyers registered to bid for 488 flats, or about 12 buyers for every unit available, Nan Fung said.

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“About 85 per cent of potential buyers tried again this round after failing to buy one in the last round,” said Sammy Po, chief executive of the residential division at Midland Realty, referring to the overall sales. “About half of the potential buyers were young people.”