Rising Hibor fails to deter buyers

Business | Jeannie Tang 10 Apr 2019

Homebuyers rushed to buy flats despite the rising Hong Kong Interbank Offered Rate.

Henderson Land (0012) has sold out its first batch of its 100 units at The Addition in Cheung Sha Wan, with a per-sq-ft price of HK$21,055.

Sammy Po Siu-ming, the chief executive of Midland Realty, said about 60 percent of buyers bought for dwelling purposes and the rest were investors. He predicted the rent to be HK$60 per sq ft, with a rental yield of 3.5 percent.

The one-month Hibor, which is linked to the mortgage rate, soared to 1.79 percent from 1.73 percent, while the Hong Kong dollar strengthened to 7.84 against the US dollar.

Meanwhile, Henderson Land has applied to raise the plot ratio of Ma Shi Po site in Fanling from 3.5 times to 3.52 times for residential development.

The site, which measures 174,200 sq ft, can provide 1,807 residential units at a plot ratio of 3.5 times, covering a total area of 609,600 sq ft.

The average size of each unit is around 337 sq ft.

Still in the first-hand market, Billion Development is launching its Pak Shek Kok project, Centra Horizon, and opened three show flats yesterday.

Kerry Properties (0683), meanwhile, sold two 2,846-sq-ft houses at Mont Rouge in Beacon Hill by tender for HK$235 million each or HK$82,500 per sq ft.

Meanwhile, the second-hand market recorded more deals with a higher selling price.

A purported haunted apartment at Discovery Park in Tsuen Wan, with an area of 656 sq ft, fetched HK$9.55 million or HK$14,558 per sq ft.

The price was HK$500,000 more than a same-sized flat on a higher floor which was sold last month.

Another three-bedroom flat at Discovery Park, with an area of 581 sq ft, traded for HK$8.53 million or HK$14,682 per sq ft.

The vendor had purchased the home for HK$3.08 million in 2009.

A 816-sq-ft unit at Miami Beach Towers in Tuen Mun changed hands at HK$9.85 million or HK$12,071 per sq ft, hitting a record high for the estate.

And a flat at Hanford Garden in Tuen Mun, with an area of 624 sq ft, sold for HK$7.9 million or HK$12,660 per sq ft, which is the highest selling price in the estate.

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