Hong Kong homebuyers deliver brisk weekend sales for developers, as small flats favoured
improving sentiment on the city's battered property market following a reduction in stamp duties and a buoyant stock market.
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On Sunday, Sun Hung Kai Properties sold 96 of 172 units offered at its Yoho West Parkside development in Tin Shui Wai as of 5.20pm, 3.5 hours after the second round of sales there began. The developer sold all 119 flats in the first batch there on Wednesday, and expected the new batch to sell out on Sunday.
The one- to three-bedroom flats were priced between HK$2.98 million (US$373,000) and HK$10.57 million, or an average of HK$11,671 per square foot after discounts, 5 per cent higher than the first batch.
On Saturday, Henderson Land Development sold 40 out of 55 units it offered at Eight Southpark in Kowloon City, fetching some HK$188 million in total. The flats, measuring from 200 sq ft to 351 sq ft, were priced between HK$3.37 million and HK$8.1 million.
Buyers snapped up all flats priced below HK$4 million in the batch, the developer said. Overall, the project sold 221 out of 236 units, or 94 per cent of the available inventory, within eight days of launch, with a total haul of around HK$1.2 billion, it added.
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'Both projects saw positive responses, considering they were the second round of sales,' said Sammy Po Siu-ming, CEO for the residential division at Midland Realty, one of the city's largest property agents.
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