Sun Hung Kai Properties’ latest sale continues hot streak as homebuyers snap up flats in show of economic confidence
- Homebuyers claimed nearly all 160 flats available at Sun Hung Kai Properties’ University Hill project in Tai Po on Saturday
- Economic sentiment has rebounded amid an expectation of rising rents after Hong Kong exited a recession with 2.7 per cent growth in the first quarter
As of 5.30pm, 159 of the 160 units available in open sale had found a buyer, agents said. Another 23 units were available via tender.
The sale comes a day after preliminary figures released by the Hong Kong government showed that the city’s economy expanded 2.7 per cent in the first three months of the year, ending a recession following four straight quarters of decline owing to the devastating impact of the coronavirus and the corresponding government restrictions.
“The latest batch of flats in the project is likely to be sold out today,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.
The continued interest in the latest project of Hong Kong’s largest developer by market value reflected investors’ bet on rising rents, according to Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency.
“With a better economy and the Quality Migrant Admission Scheme by the government, buyers are anticipating an improvement in the rental market,” he said. “Some investors are interested to buy for long-term investment.”
The city offered a slew of incentives to lure talent such as a refund of the extra stamp duty that non-locals pay when buying residential properties, as long as they remain in Hong Kong for seven years and obtain permanent residence.