Mortgage rates hit lows well below 1 percent during the quantitative easing (QE) process, and even now are only at around 2.5 percent. Many blamed an influx of Chinese money for pumping up prices, but Chinese buyers have never accounted for more than around a tenth of total sales.
Source: The Standard Finance
The property market stayed as hot as the sunny summer as three projects, offering nearly 300 new units, got enthusiastic receptions that saw over-subscription of up to four times.
The best reception was reserved for Wings IIIA, a project of Sun Hung Kai Properties’ (0016.HK) in Tseung Kwan O, on the first day of opening of its show flats for the first batch of 192 units. The flats are priced from HK$4.92 million to HK$13.46 million, or HK$13,345 per sellable square foot, with a discount up to 11 percent.
In Cheung Sha Wan, High One Grand by Henderson Land Development (0012.HK) received 110 subscriptions, 1.9 times more than the 38 units that will go on sale on Friday. The first batch of 50 units was priced at HK$15,358 psf on average, 38 of which will be launched on Friday, with a discount of up to 5 percent as well as a 6 percent cash rebate on ad valorem stamp duty.
Another Henderson project, The Hudson in Kennedy Town, also launched the first batch of at least 50 units. Two 659 sq ft three-bedroom show flats were opened yesterday, and the price list is expected to be released this week. The single building project has 134 units in total, including one, two and three-bedroom units, to be completed in two years.
Ede Road 1&3 in Kowloon Tong recorded three deals at the weekend, including a 1,750 sq ft house sold at HK$33,128 psf.