Yoho Hub II rolls out 15 flats

Staff reporter

The Yoho Hub II in Yuen Long, developed by Sun Hung Kai Properties (0016), will put 15 flats on sale this Sunday, as local developers keep lowering their inventory of new homes.

The cheapest among the 15 flats costs HK$6.64 million or HK$13,573 per square foot after discounts.

The project, which started sales in May last year, has already sold 11 flats so far this year, generating over HK$100 million in revenue.

In Wong Chuk Hang, phase 4A of La Montagne has received 1,770 checks in total, making the 65 flats to be sold today subscribed 26 times over.

The project is co-developed by Kerry Properties (0683), Sino Land (0083), Swire Properties (1972) and MTR Corp (0066).

Also in Wong Chuk Hang, CK Asset's (1113) Blue Coast II sold a four-bedroom flat of 1,224 sq ft for HK$33.42 million by tender, or HK$27,304 per sq ft, new highs for the project.

The developer has sold 10 flats at Blue Coast II this month.

Meanwhile, CKA executive director Justin Chiu Kwok-hung said in an interview that Hong Kong should explore new areas of growth and reduce its dependence on land sales.

Hong Kong has traditionally relied heavily on land sales for government income but the real estate downturn has hurt its finances and driven up its budget deficit.

Citing his home province Jiangsu in the mainland as an example, Chiu said Hong Kong has the capability, talent and cash to transform its economy and reduce its dependence on the real estate sector.

Chiu believes Hong Kong's home prices have bottomed out but will remain weak this year due to the high inventory of new homes. He said the government's crackdown on wealthy public housing tenants may push them to the private market, which is expected to benefit sales of small and medium-sized flats.

In other news, global real estate markets are poised for a turning point in 2025, driven by easing inflation, shifting monetary policies, and completing valuation adjustments, Principal Asset Management said.

Recession risks are diminishing as inflation is expected to fall below 2.2 percent in most regions. As inflationary pressures ease, Principal said interest rate cuts will continue, with the US Federal Reserve expected to lower rates to 3.7 percent by the fourth quarter of 2025.