Hong Kong’s homebuyers snapped up every flat on offer during a weekend sales launch on Saturday, as attractive prices amid a stock market rally bolstered sentiment in the city’s tepid property market.
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All 250 flats at Kerry Properties’ Hava project in Yuen Long were snapped up by 4.30pm, sales agents said. The flats, ranging from 282 to 403 square feet, were on sale at an average HK$10,658 per square foot.
“The project is in Yuen Long, which is convenient, with a good living environment,” which makes it popular with owner-occupiers as well as investors, said Sammy Po Siu-ming, the CEO of Midland Realty’s residential division for Hong Kong and Macau.
The small apartments, priced between HK$2.6 million and HK$5 million, were attractive to younger, first-time buyers who were looking to own property for their own use, Po said.
Investors also found the project’s price and rental yield attractive, projected at about 5 per cent per annum, Po said. About 30 per cent of the buyers at Hava were investors on the lookout for tenants, he said.
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