2024-05-13 28Hse Editor
(Leung Yuet-kam) Yesterday's sales of first-hand projects remained unaffected by the US Federal Reserve's rate hikes and Hong Kong banks' prime rate increase of 0.125 per cent. The second round of 191 units on the price list of University Hill Phase 2A in Pak Shek Kok, Tai Po, was launched yesterday, with another 25 units put up for tender. According to sources, all flats on the price list were sold out by 5:30pm yesterday. With an enthusiastic market, about 348 units were sold in just six days. The developer will upload the sales brochure for University Hill Phase 2B in the evening and is expected to open for sale today at the earliest.
Victor Lui Ting, Sun Hung Kai Properties (SHKP) deputy managing director, said that most buyers believe that US interest rates will soon peak. He also noted that Hong Kong’s economy has improved. Observing the flocks of buyers at University Hill sales launch, Lui said that buyers’ confidence in home ownership has continued to strengthen.
University Hill buyers remain unfazed by interest rate hike
Daniel, one buyer who lives in Sha Tin, spent HK$8 million on a two-bedroom flat for his own use. He said he was not too worried about the impact of interest rate hikes on his mortgage, and that he was planning to take out a 60 per cent mortgage. He added that he purchased the flat for its affordable price and convenient location next to the proposed Pak Shek Kok MTR Station. Another first-time buyer, Ms. Siu, who lives nearby, said she had considered the interest rate hike before purchasing her property, and purchased her flat for its affordable price. She added that she wanted to live in a new flat, subsequently entering the market.
However, Mr. Ho. a young first-timer homebuyer, said that the interest rate hike would have a great impact on his mortgage repayment burden, but that it would be manageable as he planned to pay off the mortgage with his wife. The couple decided to purchase a three-bedroom flat for self-occupation. As to why he chose the property, he said his family lived in Tai Po and he was optimistic about the prospect of having an MTR station nearby in the future.
Phase 2B sales brochure uploaded, to include 688 units
With strong sales, SHKP uploaded the sales brochure for University Hill Phase 2B yesterday evening, offering 688 units with sizes ranging from 218 to 936 square feet, some with rooftops and gardens.
Buyers snapped up special units
As for other first-hand transactions, Swire Properties' EIGHT STAR STREET in Wanchai sold unit 21A for HK$43.5 million through bidding, with an area of 913 square feet and a price of HK$47,645 per square foot. In addition, Kowloon Development’s Manor Hill in Tseung Kwan O sold two special units by tender yesterday. The flats were Room B1 on the second floor of Block One, with an area of 266 square feet, priced at HK$5.492 million, at HK$20,647 per square foot; and Room C6 on the first floor of Block Two, with an area of 259 square feet, is priced at HK$5.71 million, or HK$22,046 per square foot.
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