News | advice | area guide

Property news, market trends and advice for property buyers and renters and plus Cambodia Area guide

1,000 apartments hit the HK market in only one day


1,000 apartments hit the HK market in only one day

Is the Hong Kong market regaining strength?

photo of old hk airport
Aerial view of the construction site at the old Hong Kong Kai Tak airport where new public housing and entertainment centers will be built by 2021. Ronnie Chua / Shutterstock

More than a thousand new apartments went on the market in Hong Kong on Saturday, the most listings ever offered in a single day since 2013, the South China Morning Post reports.

Chinachem Group placed the largest number of units up for sale, offering 535 apartments in The Papillions development in Tseung Kwan O at prices ranging from HKD10,608 (USD1,400) to HKD14,112 (USD1,800) per square foot. China Overseas Land & Investment, on the other hand, listed 300 units of its One Kai Tak development in the former airport, with discounted prices ranging from HKD12,741 (USD1,600) to HKD15,562 (USD2,000) per square foot.

More: Berlin: the new hot city for Hong Kong investors

According to Louis Chan Wing-kit, Centaline Property Asia-Pacific residential chief executive, the offerings mark “the first time that new developments have attracted such a strong interest among home buyers in Hong Kong.” He noted that more than 140 units in The Papillions had been sold by mid-Saturday.

Midland Realty projected residential sales this month in Hong Kong to reach 2,700 units. Chan is more optimistic, expecting 3,200 units to be moved this month. “Due to the Brexit and the prospect that the Federal Reserve is unlikely to raise interest rates until the end of the year, investors have been losing confidence in the Hong Kong dollar, which has prompted their enthusiasm for real estate investments,” he said.

The Sales of First-hand Residential Properties Authority recorded sales of 2,490 units last month.

Read next: Hong Kong’s luxury market will fall, but how much?

Source: Property Report