Rush for discounted flats at project in Yuen Long
Homebuyers snapped up nearly all of the discounted flats offered yesterday at the new Sun Hung Kai Properties (SHKP) project in Yuen Long, as consumer sentiment was boosted by a series of welcome market developments.
SHKP was on track for another sell-out after 203 units of 213 on offer at Yoho Hub II were bought as of 5pm, according to an agent, after homebuyers acquired all 210 units offered last weekend.
“Good news emerged in the past week, which helped boost public confidence in entering the [property] market,” Louis Chan Wing-chit, chief executive of the residential division at Centaline Property Agency, said.
“These included the Hong
Kong stock market rising above 19,000 points with trading volume hitting a half-year high, increased opportunities for US interest rate cuts, and mainland China proposing multiple measures to rescue the property market.”
Chan, who expected all 213 units on offer at Yoho Hub II to sell out again, said Centaline had a big-ticket client who intended to spend HK$25 million on two of the development’s threebedroom units.
This weekend’s property sale showed that homebuyers continue to be attracted by residential developments that have adopted a low-market-price strategy.
The 213 units put up for sale at Yoho Hub II included 107 two-bedroom flats and 106 three-bedroom units, with areas ranging from 436 to 905 sq ft.
The discounted prices ranged from HK$6.64 million to HK$14.62 million, translating to HK$13,484 and HK$18,843 per square foot.
The average price per square foot after discounts was HK$15,640. The cheapest unit on offer was a two-bedroom flat with an area of 436 sq ft that went for a discounted price of HK$15,219 per square foot.
Yoho Hub II, located above Yuen Long MTR station, comprises two residential buildings with a total 939 units. Last month, SHKP priced its first 188 units at the same location about 30 per cent lower than the first phase.
The average price per square foot of the first 188 units was HK$14,338 after discounts, compared with HK$19,899 for the first batch of 206 units launched in December 2021. “We expect the sales to be robust given its attractive price, supporting facilities and the developer’s brand,” Martin Wong, head of research and consultancy for Greater China at Knight Frank, said.
About 9,000 people put down deposits to bid for the latest round of flats at Yoho Hub II, or about 42 buyers for every available unit.
This came of the back of the good news mentioned by
Centaline’s Chan that included Hong Kong stocks posting four straight weeks of gains and Beijing’s policy support for the property market.
On Friday, Beijing announced 300 billion yuan (HK$324 billion) funding to help clear excess housing inventory, as well as measures to ensure developers have access to financing and to encourage the repurchase of “idle” land.
Meanwhile, the People’s Bank of China said it would remove the national lower limit on mortgage rates, cut down payment ratios and lower interest rates on loans tied to individuals’ housing provident funds.
United States inflation data eased last month, according to an announcement on Wednesday, fuelling speculation on how soon the Federal Reserve would be prepared to cut interest rates.
Good news emerged in the past week, which helped boost public confidence in entering the market LOUIS CHAN, CENTALINE