Hong Kong saw the most number of new flats sold on a single day since May on Saturday, with agents predicting sales of 200 units on improving sentiment following a half-point interest rate cut by the Hong Kong Monetary Authority (HKMA).
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Sun Hung Kai Properties (SHKP) sold 115, or more than 95 per cent, of the 120 units at Yoho Hub II as of 3.30pm, just five and a half hours after it officially opened sales of the project in Yuen Long, according to agents.
Meanwhile, Emperor International found buyers for all 85 units of One Jardine’s Lookout in Happy Valley in a similar time frame to SHKP.
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“It is expected that the first round of units in the new developments of One Jardine’s Lookout in Happy Valley and The Yoho Hub II will sell out on the same day, driving Saturday’s primary market transactions to exceed 200,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division.
Last week, the HKMA began a policy easing cycle by following the US Federal Reserve’s half-percentage point cut of its base interest rate, the first reduction in four years. Hong Kong’s de facto central bank adjusts its own policy based on what the Fed does to keep the local currency’s peg to the greenback.