Developers to cash in on home race

Business | Dominique Nguy 26 Sep 2016

With the US Federal Reserve opting last week to keep the low interest rate environment continuing, many long-term property investors are expected to flock back to Hong Kong's primary housing market - prompting developers to speed up the launching of new projects.

At the same time, Midland Realty residential chief executive Sammy Po Siu-ming said many secondary flat owners with strong holding power are standing firm on their asking prices - leading to a diversion of purchasing power from the secondary to primary market.

Henderson Land (0012) announced it will put on sale 68 flats of its Ho Man Tin project - Seven Victory Avenue - on Sunday.

They range from 180 to 390 sellable square feet, with listed prices from HK$3.94 million to HK$8.52 million, or between HK$19,354 and HK$24,232 per sellable square foot.

This first batch on sale comprises 23 studio units, 34 one-bedroom, and 11 two-bedroom units. The project reportedly received more than 80 subscriptions over the weekend.

Seven Victory Avenue has a total of 250 flats available.

Meanwhile, China Overseas Property managing director Tony Yau Wai-kwong said he was satisfied with the number of potential purchasers who visited the show flats of Marina South, the company's new development in Ap Lei Chau, at the weekend, when the display units were opened.

Yau said about 75 percent of the visitors came from Hong Kong Island.

Marina South has 114 flats sized from 1,681 to 2,728 ssf, and Yau expects the project's first price list to be released within this week at the earliest.

In the secondary market, statistics from Midland Realty showed there were 13 deals at the weekend at the 10 major estates it tracks, down from 20 deals in the previous weekend.

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