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Hong Kong’s home buying sentiment upbeat as Nan Fung sells over 80 per cent of units at LP10 project in Lohas Park

Nan Fung Group and MTR Corporation sold 150 of the 179 flats at the LP10 project at Lohas Park in Tseung Kwan O on Friday

Sales of newly completed homes in the city reached 1,700 units in September, 40 per cent higher compared with August, property agency data shows

Hong Kong’s homebuyers piled into the property market on the National Day holiday, snapping up more than 80 per cent of the flats on offer, encouraged by an improving local economy.

Market observers said buyers were rushing into the market to get ahead of rising prices and potentially higher mortgage rates, as the Hong Kong Monetary Authority was likely to raise interest rates in lockstep with the US Federal Reserve’s tapering measures, which may come sooner than anticipated.

Nan Fung Group and MTR Corporation sold 150 of the 179 flats at the LP10 project at Lohas Park in Tseung Kwan O on Friday, after receiving more than 645 registrations of interest, or some 3.5 bids for each flat, according to sales agents.

The sentiment in the housing market now is robust because the city’s economy is recovering,” agent said. Many buyers, who were waiting on the sidelines last year, were entering the market, fearing that they may not able to afford homes if prices continue to rise, the agent added.

Hong Kong’s unemployment rate fell in August to its lowest level since the coronavirus pandemic began, with the economy buoyed by the government’s multibillion-dollar e-voucher scheme. The latest official figures show that the city’s jobless rate dropped to 4.7 per cent for the three-month period ending in August, the lowest since early 2020.

Hong Kong’s lived-in home prices hovered near a historical high in August after breaking a record in July that stood for nearly two years.

LP10, the 10th phase of a massive development at Lohas Park, comprises 893 flats in total, with the first batch launched in January.

The fourth batch released for sale on Friday included two and four-bedroom units ranging from 634 square feet to 1,523 sq ft.

The units were priced from HK$9.5 million (US$1.21 million) to HK$22.5 million, with the average price ranging from HK$15,032 per square foot to HK$19,559 per square foot.

“Earlier only those that were priced cheaper were in demand, but now even those homes tagged above HK$10 million are snapped quickly,” agent said. “It means people are very confident of the housing market.”

Last month Reuters reported that Chinese officials had told major Hong Kong developers that they should use their resources and influence to champion state interests. They were also reportedly asked to help solve Hong Kong’s chronic housing shortage, which has previously been blamed on land hoarding by the developers.

The Real Estate Developers Association has, however, denied coming under pressure from Beijing to solve the city’s housing woes. The association did stress that its members, which include Sun Hung Kai Properties, Henderson Land Development and CK Asset Holdings, were continuing to support the Hong Kong government in boosting housing supply and improving living standards.

“Even if the government is going to boost the supply of land and homes, the city won’t see a bunch of extra homes until five years later and it cannot ease the runaway home price immediately ,” the agent said.

Separately, sales of newly completed homes in the city reached 1,700 units in September, 40 per cent higher compared with August and the best since May when sales reached 2,200, according to a property agency.

The property agency expects sales of up to 2,500 new homes in October.

(South China Morning Post)


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