Hong Kong new home sales on track to reach record of 1,800 units

The city’s strong buying interest made the flats an easy sale  

According to South China Morning Post, Hong Kong’s home market continued to boom as buyers purchased 88 percent of the 455 flats listed in one of the largest sales weekends this year, putting the city en route to a record month in September.  

Sun Hung Kai Properties (SHKP) posted a fourth consecutive weekend of bumper sales at its Wetland Seasons Bay project in Tin Shui Wai, with 4,062 bidders competing for the 212 apartments sold. 

At Wong Chuk Hang, Kerry Properties sold 185 flats from the project it’s jointly developing with Sino Land and MTR Corporation. 

“Strong buying interest made the flats an easy sale,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential department. “Optimism in the city’s property market helps developers sell nearly all the new flats hitting the market this month.” 

With the local monetary authority expected to raise interest rates in practise with the US Federal Reserve’s tapering policy, more property buyers are scurrying to the market to get ahead of potentially higher mortgage rates and rising prices.  

Some investors are considering putting their capital in fixed assets at a time of near-zero interest rates.  

Hong Kong’s sales of newly completed homes in September are on track to reach a record 1,800 units, 50 percent higher than in August.  

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Last weekend, almost 92 percent of the 588 new flats listed were sold, with 9,800 people registering their purchasing interests.  

Meanwhile, the second-hand market predicts about 5,500 lived-in homes to be transacted, unchanged from August.