A luxury residential project in Ho Man Tin has drawn a fairly strong response from buyers on the first day of launch, revealing part of the rigid demand from local buyers seeking homes with desirable location and school access.
However, some analysts are still pessimistic about Hong Kong’s housing markets, expecting home prices to fall a further 19 per cent in the next 15 months.
Kerry Properties on Saturday released a first batch of 108 units from its Mantin Heights residential project in Kowloon’s Ho Man Tin, an area flooded with more than 2000 new units from developers.
Sammy Po, CEO of Midland Realty’s residential department, said the developer has been pushing sales with price discounts and the sales looks fairly strong so far, with about 80 per cent of prospective buyers in his agency as owner-occupiers, who purchase homes to live in.
He added that 60 per cent of prospective buyers who have subscribed are from Kowloon area, and 30 per cent are from the New Territories.
Louis Chan Wing-kit, Centaline Property Agency’s managing director for residential projects, expected 80 per cent of the Mantin Heights apartments in Centaline will b e sold out within two days, as there is still solid demand from those buying homes to live in.
Nevertheless, he said the current market sentiment is still cautious.
Hong Kong home prices to fall 19 per cent in the next 15 months, Nomura warns
“Developers are acting careful and trying not to launch large volumes of new units at each time,” Chan said.
Mr Lam, who just inked a deal to purchase a three-bedroom apartment in Mantin Heights for over HK$10 million, said the project is in a desirable location, mainly because of its close proximity to a school network.
“My kid goes to a school nearby. It’s convenient for him,” He said.
He admitted Hong Kong’s housing market is in a downturn and said it could experience further volatility in the future.
“But I think for those buyers who want to live in for years, they don’t care too much about some price fluctuation.”
Mr Wong, who has bought a two-bedroom apartment, also said he is an owner-occupier and believed he had a good deal from the developer.
As rival developers have slashed prices to speed up sales in the area, Kerry Properties also said it will team up with brokerage services to offer price discounts for buyers of Mantin Heights, including a fixed mortgage rate of 1.8 per cent in the first year.
After discounts, prices for the first batch of 108 units will range from HK$8.41 million to HK$23.7 million, or HK$16,008 to HK$25,552 per square foot.
However, some analysts warned the outlook for Hong Kong’s housing markets still looks pessimistic.
Nomura’s analyst Kwon Young Sun said in a recent report that the city’s home prices may fall a further 19 per cent through to the second quarter of 2017, adding to a 11 per cent decline from September’s peak.
He added that the decline could go even deeper in the event of yuan devaluation or an uptick in interest rates, according to Nomura.
Resource: http://www.scmp.com/
However, some analysts are still pessimistic about Hong Kong’s housing markets, expecting home prices to fall a further 19 per cent in the next 15 months.
Kerry Properties on Saturday released a first batch of 108 units from its Mantin Heights residential project in Kowloon’s Ho Man Tin, an area flooded with more than 2000 new units from developers.
Sammy Po, CEO of Midland Realty’s residential department, said the developer has been pushing sales with price discounts and the sales looks fairly strong so far, with about 80 per cent of prospective buyers in his agency as owner-occupiers, who purchase homes to live in.
He added that 60 per cent of prospective buyers who have subscribed are from Kowloon area, and 30 per cent are from the New Territories.
Louis Chan Wing-kit, Centaline Property Agency’s managing director for residential projects, expected 80 per cent of the Mantin Heights apartments in Centaline will b e sold out within two days, as there is still solid demand from those buying homes to live in.
Nevertheless, he said the current market sentiment is still cautious.
Hong Kong home prices to fall 19 per cent in the next 15 months, Nomura warns
“Developers are acting careful and trying not to launch large volumes of new units at each time,” Chan said.
Mr Lam, who just inked a deal to purchase a three-bedroom apartment in Mantin Heights for over HK$10 million, said the project is in a desirable location, mainly because of its close proximity to a school network.
“My kid goes to a school nearby. It’s convenient for him,” He said.
He admitted Hong Kong’s housing market is in a downturn and said it could experience further volatility in the future.
“But I think for those buyers who want to live in for years, they don’t care too much about some price fluctuation.”
Mr Wong, who has bought a two-bedroom apartment, also said he is an owner-occupier and believed he had a good deal from the developer.
As rival developers have slashed prices to speed up sales in the area, Kerry Properties also said it will team up with brokerage services to offer price discounts for buyers of Mantin Heights, including a fixed mortgage rate of 1.8 per cent in the first year.
After discounts, prices for the first batch of 108 units will range from HK$8.41 million to HK$23.7 million, or HK$16,008 to HK$25,552 per square foot.
However, some analysts warned the outlook for Hong Kong’s housing markets still looks pessimistic.
Nomura’s analyst Kwon Young Sun said in a recent report that the city’s home prices may fall a further 19 per cent through to the second quarter of 2017, adding to a 11 per cent decline from September’s peak.
He added that the decline could go even deeper in the event of yuan devaluation or an uptick in interest rates, according to Nomura.
Resource: http://www.scmp.com/
