Homebuyers snap up nearly all flats on offer at Sun Hung Kai’s Yoho Hub II for the second weekend, spurred by confidence-boosting market news
- Sun Hung Kai sold 203 units out of 213 on offer at Yoho Hub II in Yuen Long as of 5pm on Saturday
- That comes after homebuyers snapped up all 210 units offered by the developer the previous Saturday
“A number of good news emerged in the past week, all of which helped boost public confidence in entering the [property] market,” said Louis Chan Wing-chit, chief executive of the residential division at Centaline Property Agency.
“These included the Hong Kong stock market rising above 19,000 points with trading volume hitting a half-year high, increased opportunities for US interest rate cuts, and mainland China proposing multiple measures to rescue the property market.”
Chan, who expected all 213 units on offer at Yoho Hub II to sell out again, said Centaline has a big-ticket client who intended to spend HK$25 million on two of the development’s three-bedroom units.
This weekend’s property sale show that homebuyers continue to be attracted by residential developments that have adopted a low-market-price strategy.
The 213 units put up for sale at Yoho Hub II included 107 two-bedroom flats and 106 three-bedroom units, with areas ranging from 436 to 905 sq ft.
The discounted prices ranged from HK$6.64 million to HK$14.62 million, translating to HK$13,484 and HK$18,843 per square foot. The average price per square foot after discounts was HK$15,640. The cheapest unit on offer is a two-bedroom flat, with an area of 436 sq ft, that went for a discounted price of HK$15,219 per square foot.
Yoho Hub II, located above Yuen Long MTR station, comprises two residential buildings that have a total of 939 units. Last month, SHKP priced its first 188 units at the same location about 30 per cent lower than the first phase.
The average price per square foot of the first 188 units was HK$14,338 after discounts, compared with HK$19,899 for the first batch of 206 units launched in December 2021.
“We expect the sales to be robust given its attractive price, supporting facilities and the developer’s brand,” said Martin Wong, head of research and consultancy for Greater China at Knight Frank.
About 9,000 people had put down deposits to bid for the latest round of flats at the Yoho Hub II, or about 42 buyers for every available unit.
Hong Kong stocks had posted four straight weeks of gains, driven by upbeat earnings and China’s policy support for the property market.
