New release of Hong Kong flats by Urban Renewal Authority generates lukewarm response as market competition heats up
- Fewer than 20 people visit authority’s Cheung Sha Wan office on first day of sale
- Prospective buyers for 260 flats at eResidence Tower 3 in Hung Hom picked at random from 3,669 applications
The latest Hong Kong starter homes put up for sale by the Urban Renewal Authority (URA) on Monday drew a lukewarm response from buyers, and analysts highlighted would-be property owners had a bigger choice in the private sector since market cooling measures were ditched last month.
Just 19 prospective buyers for the 260 flats at eResidence Tower 3 on Chun Tin Street, Hung Hom, visited the sales office after 60 of them were selected at random from 3,669 applications.
The authority said all 19 bought flats, 14 of them one-bedroom homes and that another 80 prospective buyers would be invited to buy on Tuesday.
One man, who bought a high-floor three-bedroom unit, said he wanted to move with his family to a new home and that the flats were being sold at a reasonable price and inside his budget.
“The location is also convenient with good transport networks,” the buyer, who asked not to be named, said. “I believe the property market has its ups and downs. Compared with properties on the private market, this flat still has a discounted price.
“I would agree that it is a great deal if the property market recovers later.”
The development has 125 one-bedroom, 108 two-bedroom, and 27 three-bedroom flats with floor areas from 303 to 600 sq ft.
The flats were put up for sale at 22 per cent off last September’s market prices, going for between HK$4.08 million (US$521,767) and HK$9.64 million.
