Hong Kong’s homebuyers snap up Grand Jete’s new flats in Tuen Mun to get ahead of rising mortgage rates
- 91 of 138 flats on sale at the Grand Jete found buyers at 3pm, agents said
- The average price of the project was set at HK$15,548 per square foot, 10 per cent cheaper than new projects in the neighbourhood
In Tuen Mun on the western fringe of Hong Kong’s New Territories, 91 of 138 flats on sale at the Grand Jete found buyers at 9pm, sales agents said. The project by CK Asset Holdings and Sun Hung Kai Properties (SHKP) range in size from 263-square foot studios to three-room flats measuring 722 square feet (67 square metres), with the average price at HK$15,418 per square foot.
Hong Kong’s biggest mortgage lenders kept their prime rates unchanged immediately after the monetary authority’s June 16 move, giving homebuyers the opening to get ahead of higher borrowing costs. Grand Jete’s cheapest unit started from HK$4.3 million (US$547,830).
“The interest rate hikes are within market expectations and should have little impact on the real estate market,” said Louis Chan Wing-kit, Centaline’s vice-chairman and chief executive of residential in Asia-Pacific. “Property is more secure than other investments. Even if Hong Kong follows the interest rate hike, interest rates are still at a low level, which is still favourable for homebuyers.”
Today’s launch followed the successful sale of SHKP’s Silicon Hill project in Tai Po, where 90 per cent of the 72 final units on offer were sold on Friday. Last weekend, 70 per cent of Silicon Hill and Henderson Land Development’s Baker Circle Dover flats in Hung Hom were sold.
