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Hong Kong property
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Hong Kong homebuyers snap up first new property project in two months, lured by discounts and falling interest rates

  • Wheelock sold 187 of 208 flats on offer at the Ocean Marini project in Tseung Kwan O, agents said
  • There were more than 3,800 registered buyers, or 18 potential customers for every available unit, agents said

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People lining up for Wheelock's Ocean Marini project in Tseung Kwan O on March 14. Photo: Edmond So
Yujing Liu

Hong Kong’s homebuyers snapped up the city’s first fresh property launch in two months, attracted by discounts and expectations of lower interest rates, even as the ongoing coronavirus outbreak continued to weigh on business and retail sentiments.

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Wheelock Properties said it sold 187 of the 208 flats, or 90 per cent of the units on offer at the Ocean Marini project in Tseung Kwan O as of 9pm on Saturday, for a sales haul of HK$1.59 billion (US$204 million).

The flats were mostly two and three-bedroom units ranging from 459 square feet to 1,062 sq ft (98 square metres), priced between HK$6.6 million (US$848,727) and HK$17.7 million. On average, the flats were sold at HK$15,698 per sq ft after discount, 1 per cent cheaper than Wheelock’s project in the same neighbourhood launched last August. The developer separately sold 11 apartments at the Marini project and 13 units at the Grand Marini.

Customers were mostly buying the flats for their own use, as opposed to buying them as investments, and many of them were attracted by the trend of falling interest rates, which they expect to translate into lower mortgage payments, agents said.

“Most clients are buying the flats for themselves to live in, because it’s better to pay the mortgage of your own flat than the rent during a low-interest rate environment,” said Louis Chan, vice-chairman for Asia-Pacific and chief executive of residential division at Centaline Property Agency.

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