Hong Kong homebuyers, enticed by big discounts, snap up most flats on offer at Great Eagle’s Onmantin project

Hong Kong homebuyers, enticed by big discounts, snap up most flats on offer at Great Eagle’s Onmantin project

Hong Kong developers’ low-price strategy for new flats continued to liven up the local market, as hundreds of buyers on Saturday flocked to Great Eagle HoldingsOnmantin residential project in Ho Man Tin.

As of 7pm, 220 of the 260 flats on offer at Onmantin were already sold, according to agents. The project recorded 7,500 orders from prospective buyers, or 28 times more than the initial number of flats on offer.

“The project received a warm market response with the high oversubscription rate,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau. “Mainland buyers have also actively joined this recent home-buying spree.”

Po estimated that about three out of 10 Midland clients who registered to purchase flats at Onmantin come from mainland China.

Midland Realty estimated that about three out of 10 clients who registered to buy flats on Saturday at Great Eagle Holdings’ Onmantin project come from mainland China. Photo: Xiaomei Chen

The Onmantin flats on offer were priced from HK$17,750 (US$2,267) to HK$25,866 per square foot. The cheapest unit, measuring 388 sq ft, had a price tag of HK$6.89 million.

That price range was more than 25 per cent below those of the nearby In One Above residential project, which was launched by Chinachem Group in May last year.

Prices at the Onmantin project marked the lowest in the same neighbourhood since 2016, when Kerry Properties launched its Mantin Heights development at an average of HK$19,000.

The market appears to be responding to the government’s latest incentives. In February, Hong Kong scrapped many of its decades-old curbs to douse excessive speculation that drove up property prices to among the highest in the world. The removal of those measures came as home prices in the city hit a seven-year low.

Hong Kong property developer Great Eagle Holdings priced the first batch of units for sale at its new Onmantin residential project in Ho Man Tin at the lowest level in the neighbourhood since 2016. Photo: Handout

About 70 per cent of Onmantin’s customers would buy units for their own use, while the remaining 30 per cent would purchase for investment purposes, according to Louis Chan Wing-kit, chief executive of the residential division at Centaline Property Agency.

“The first batch of the homes [on offer at Onmantin] will be sold out with ease,” Chan said.

Great Eagle’s Onmantin project, comprising 900 flats in five 24-storey towers, sits above the Ho Man Tin railway station in Kowloon. It is expected to be completed in two phases of 418 and 572 units, respectively.

The developer earlier this week said it was confident about the prospects of the first batch of flats on offer, given that it is made up of the last new units in the location.

Prospective homebuyers line up at the Mong Kok office of Great Eagle Holding’s Onmantin residential project in Ho Man Tin on April 27, 2024. Photo: Xiaomei Chen

Local developers are now making the most of the current positive market sentiment to boost home sales, following fresh incentives rolled out by the government in February.

Homebuyers have recorded more than 1,000 first-hand deals so far this month, according to Centaline’s Chan. Transactions involving flats valued at HK$10 million or above made up nearly 70 per cent of the volume, suggesting mid-priced and luxury properties are luring buyers again.

Sales of new and secondary homes in surged 67 per cent in March to 3,971 units, compared to February, reaching the highest level since May last year, according to data from the Land Registry. Those amounted to a total of HK$30.06 billion in value, the highest level since June last year.



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