50pc of luxury home buyers from mainland

Finance | Staff reporter 20 Apr 2021

Mainland-born "new Hongkongers" constituted nearly half of the buyers of the new homes worth between HK$50 million and HK$100 million in the first quarter, according to Midland Realty.

In recent years, local media have used the term "new Hongkongers" to refer to people who came from other places and subsequently acquired permanent resident status in Hong Kong. The majority of those in that group are mainlanders.

Mainland-born "new Hongkongers" also accounted for 11 percent of new home buyers in the primary market in the first quarter, up from 8.7 percent in the second quarter last year, according to Midland Realty.

Midland Realty expects home prices in Hong Kong to rise by 10 percent this year.

In the primary market, Sun Hung Kai Properties (0016) released 42 flats in the third price list of Regency Bay II in Tuen Mun, at an average price of HK$19,165 per sq ft after discounts - 2.3 percent higher than the second price list. SHKP received about 1,000 checks for 172 units in the first three price lists as of 7.30 pm yesterday, making them 4.8 times oversubscribed.

Meanwhile, Road King Infrastructure (1098) and Pingan Real Estate Capital opened show flats of South Land atop Wong Chuk Hang Station.

Separately, the Urban Renewal Authority invited a total of 39 property developers to tender for the development of the Oak Street / Ivy Street Development Project in Tai Kok Tsui. All tender submissions should reach the URA headquarters by noon on May 20. The project, which covers a site area of 619 sq m, commenced in March 2018. Upon completion, it will provide a maximum total gross floor area of 5,571 sq m.

In the secondary market, a 657-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok changed hands for HK$9.28 million, or HK$14,125 per sq ft, after HK$320,000 was cut from the original asking price. The vendor, who bought the unit for HK$5.97 million in 2014, will gain HK$3.31 million.

In Quarry Bay, a 685-sq-ft flat at Tai Koo Shing fetched HK$11.3 million, or HK$16,496 per sq ft. The seller, who purchased the unit for HK$3.05 million in 1996, will make a capital gain of HK$8.25 million.

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