2024-05-09 28Hse Editor
(Leung Yuet-kam) Cheap new flats continue to be in popular demand. Sun Hung Kai Properties’ (SHKP) Novo Land Phase 2B in Tuen Mun will launch its first sales round of 352 units tomorrow, with tickets cut off at 8pm last night. According to Chan Han-lin, SHKP general manager, a total of 10,691 votes were collected (including 196 votes from agents), more than 29 times over-registered. 20 per cent came from big spenders. The group will launch further rounds depending on sales performance and will not rule out another launch this weekend.
SHKP partnered with Midland Realty to promote home purchase discounts, where the first 10 buyers who purchased units through the bank would each receive a HK$3,600 YATA department store shopping gift certificate. Sammy Po Siu-ming, CEO of Midland’s residential division for Hong Kong and Macau, said that about 35 per cent of the company's ticketed customers were investors and estimated that the first-hand market would record about 2,800 transactions this month, an increase of more than two times month-on-month.
As for Wheelock Properties’ KOKO ROSSO in Lam Tin, another 3 transactions were recorded yesterday. A total of 152 units were sold in the second round, accounting for 95 per cent of the available units. In just 7 days, a total of 300 units were sold, accounting for 98 per cent of the available units.
KOKO ROSSO sells 300 units in one week
According to Ricky Wong Kwong-yiu, vice chairman and managing director of Wheelock Properties, sales were strong the night before, with many customers being first-round buyers. About 80 per cent of them were first-time buyers aged 30 to 40.
39 units at Manor Hill go on sale today
As for Kowloon Development’s Manor Hill in Tseung Kwan O, a new batch of 39 units will be released today. According to Kowloon Development assistant general manager of Marketing and Sales Chan Shu-fong, said that the new batch of units will be launched next week at the earliest, depending on the sales situation, and a new batch of units will be launched as soon as next week. The project has sold 647 units for a total of HK$3.6 billion, with an average price of around HK$20,000 per square foot.
Meanwhile, Henderson Land’s ONE INNOVALE-Archway in Fanling will launch 8 special units for bidding next Monday, ranging from areas of 515 to 898 square feet, each with a rooftop and a platform. Among them, the largest unit is Room 1 on the 22nd floor of Block A, with an area of 898 square feet, including a 173-square-foot podium and an 869-square-foot rooftop.
In terms of transactions for The Arles in Fo Tan, Yeung Chung-wing, director of marketing and planning at Centralcon Properties, said that unit D on the 39th floor of Block 2, with an area of 582 square feet and a view of the open hills, was sold for HK$12.717 million yesterday at HK$21,851 per square foot. A total of 890 units have been sold so far, accounting for about 70 per cent of the available units, generating over HK$9.1 billion at an average price of HK$20,362 per square foot.
Freddie Wong Kin-yip, founder and chairman of Midland Group, believes that with the lifting of Hong Kong’s mask mandate, the property market will boom in the first quarter. He added that the adjustment of stamp duty bands in the 2023-24 budget and the reintroduction of investment immigration would galvanise and incentivise buyers to enter the market. (can i say this)
Midland predicts Q1 sales will nearly quadruple
Wong also said that the pace of new properties’ sales has increased significantly in recent days, with opening prices being particularly quick and accurate, promoting the bullishness of the property market. As for other factors causing an acceleration in sales, Wong mentioned the pandemic, the impending return to normal market prices, and that a large amount of accumulated purchasing power would continue to be released.
In addition, after a wave of immigration and bargaining, it is expected that the purchasing power of the mainland and Hong Kong will accumulate this year, and that first-hand transactions in the first quarter are expected to reach 4,200, rising nearly four times quarter-on-quarter. The number of second-hand transactions exceeded 14,000, up nearly 70 per cent quarter-on-quarter, with property prices rising about 5 per cent during the quarter.
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