Buyers flocked to two new residential projects on Sunday, buoyed by an ongoing stock market rally and low interest rates – signalling a sustained rebound in Hong Kong’s property market.
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Developer Million Nice (Hong Kong) sold 62 of the 69 units at 9 Eastern Street in Sai Ying Pun, according to agents. Meanwhile, Sun Hung Kai Properties (SHKP) sold all 110 units in the third round of sales at Novo Land phase 3A in Tuen Mun.
9 Eastern Street consists of 76 units, with sizes from 249 sq ft to 508 sq ft. The prices of the units range from HK$4.7 million (US$598,800) to HK$11.9 million, or HK$18,800 to HK$24,400 per square foot after discounts.
“The US-China agreement on trade tariffs this month, a recovering stock market and the possibility of a US rate cut in the second half of the year have stimulated both the primary and secondary housing markets,” said Louis Chan Wing-kit, CEO of Centaline Property Agency.
New property sales so far this month have jumped 55 per cent from a month earlier, he said, adding that primary sales could reach 2,000 in July.
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