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Weekend Property
Business

Hong Kong posts mixed weekend sales results as home buyers are spoilt for choice amid supply glut and easy financing options

  • At the Seacoast Royale in Tuen Mun, 165 units of the 168 flats on offer were sold as of 7pm, agents said
  • At China Evergrande’s the Vertex in Cheung Sha Wan, only 11 units of 85 flats on offer were sold

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Buyers lining up at the Tsim Sha Tsui sales office of the Seacoast Royale project in Tuen Mun on 22 August 2020. As many as 11,000 people submitted bids for 168 units, or about 66 buyers for every available flat. Photo: Xiaomei Chen
Cheryl Arcibal
Hong Kong’s weekend home sales were mixed as buyers snapped up flats at a relatively new project in Tuen Mun while giving their collective cold shoulder to the double-digit discounts offered at scores of flats left unsold since December in Cheung Sha Wan.
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Henderson Land Development, the marketing agent for the Seacoast Royale in Tuen Mun, sold 165 of 168 flats, or 98 per cent of the offer, at 7pm today, with about 66 bidders clamouring for every available unit. In Cheung Sha Wan, China Evergrande managed to sell only 11 units of 85 apartments on offer, extending its sales slump since December.
The mixed result, coming as Hong Kong’s coronavirus cases fell to double digits for the 20th day, shows how a glut of residential property - both newly built and pre-owned - are spoiling buyers with options, giving them the chance to pick and choose. Flats costing less than HK$10 million (US$1.3 million) and eligible for higher bank financing are the most sought after, as interest rates remain low while global central banks slash the cost of funds to kick start ailing economies, agents said.

“Units priced between HK$4 million and HK$5 million still enjoy solid demand from both end-users and investors,” said Sammy Po, chief executive at residential division at Midland Realty.

Potential home buyers at the sales office in Mira Place One in Tsim Sha Tsui for 185 flats of Seacoast Royale on sale on 1 August, 2020. Photo: Xiaomei Chen
Potential home buyers at the sales office in Mira Place One in Tsim Sha Tsui for 185 flats of Seacoast Royale on sale on 1 August, 2020. Photo: Xiaomei Chen
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Prices at the latest batch Seacoast Royale, developed by Empire Group Holdings and Hong Kong Ferry (Holdings), started at HK$3.68 million, or HK$13,806 per square foot, going up to HK$8.6 million with a 6-per cent a discount. One buyer spent HK$12.8 million on two flats at Seacoast, said Henderson’s general manager Thomas Lam, declining to identify the customer.

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