Chinachem, MTR sell 70 per cent of flats at In One project amid improving sentiment
- The project’s geographical advantage and location above a MTR station are attractive to many investors, Midland Realty executive says
- Sales this weekend have attracted quite a good response so far: JLL executive
Chinachem Properties and the MTR Corp sold 151 – about 70 per cent – of the 210 flats on offer at their latest project, In One, on Sunday, as easing interest rate rises boost sentiment among homebuyers and investors.
The units at In One, phase 1C of the Ho Man Tin station property development, consist of two and three-bedroom units ranging between 423 to 934 sq ft in size. After discounts, they are priced between HK$12.18 million (US$1.64 million) and HK$29.77 million, with a discounted average price per square foot of HK$29,348.
“The project’s geographical advantage and location above a MTR station are also attractive to many investors, who made up 40 per cent of our clients,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong. Young people aged below 40 years accounted for 70 per cent of all buyers.
The average price after discount was higher than the HK$27,083 per square foot offered in previous rounds, but Chinachem said the current round included apartments on higher floors and should not be compared directly. Homebuyers bought all 179 units of phase 1B last Monday.
Three customers bought two flats at In One, with one spending about HK$38 million on a three-bedroom unit and a two-bedroom unit, said Louis Chan, Asia-Pacific vice-chairman and CEO of the residential division at Centaline Property Agency.
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“Sales this weekend have attracted quite a good response so far, selling 70 to 80 per cent on first days of sales,” said Norry Lee, senior director at JLL. “Market activity is still strong in the first-hand market.”
When compared with the previous week, however, the number of first-hand transactions dropped from more than 600 units to around 360 units this weekend, Lee said. “It seems that first-hand demand dried up a bit after the market took up over 2,000 first-hand transactions in March,” he said.
Sales of brand new homes might slow down further during the long Easter holiday, with many local buyers travelling, Lee said.
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The Hong Kong Monetary Authority last month raised the city’s base rate to a 15-year high of 5.25 per cent, after the US Federal Reserve increased its target rate by a quarter point. However, Hong Kong’s major lenders, including HSBC and Bank of China (Hong Kong), kept their best lending rates unchanged between 5.625 per cent and 5.875 per cent.
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The reopening of the border between Hong Kong and mainland China is also boosting confidence among investors, who are snapping up property, as an economic recovery in Hong Kong is also likely to bolster demand for homes in the city.
“Brand-new homes are still very attractive and it is believed that the hot sales seen in March can be maintained,” Chan said.
