报道称，该楼盘的超额认购达到了142倍，Sun Hung Kai's new property, Skyhill·Sky, was completely sold out on the first day of opening. Mainland buyers accounted for 40% of the total, with the largest buyer spending 67.5 million Hong Kong dollars to buy 8 units in one go. The development received 29,161 orders within a week, claiming the crown of Hong Kong's property market sales champion this year, and setting the fifth highest sales record for a new property.
While the Hong Kong stock market welcomes an epic surge, the property market in Hong Kong is booming.
According to reports from Hong Kong media on the 6th, the new development Tianji at New Territories, Hong Kong sold at a loss for HKD 0.0196 million per square foot, receiving 29,161 orders within a week. It has claimed the title of this year's best-selling property in Hong Kong and set the fifth highest sales record for new developments.
The oversubscription rate of this property development reached 142 times, with all 204 units being sold out on the first day of opening on the 5th. The showroom in the commercial building at Kowloon Station was extremely crowded, even with some big buyers known as 'west biscuit customers.' The largest buyer spent HKD 67.5 million to buy 8 units in one go. Additionally, the last selection number on the 5th was 225, indicating a high demand in the market with many people unable to secure a unit.
Tianji is located in the former Kai Tak Airport area in Hong Kong, comprising a total of 906 residential units. Among the first buyers at the opening were not only local residents and some big buyers but also many new Hong Kong residents.
A fluent Mandarin speaker, Mr. Ding, who has been working in Hong Kong for many years and holds a Hong Kong ID card, mentioned that he and his family currently rent a property on Hong Kong Island. This was his first time buying a property, purchasing 3 units for approximately HKD 30 million. Besides personal use, he might also consider them as investments.
Mr. Ding mentioned that the location of this development is convenient for his commute and meets his needs. Considering the positive stock market performance and its beneficial impact on the real estate market, along with his own housing needs, he plans to actively make the purchase.
The Chief Executive of the US Residential Division, Mr. Bu Shaoming, mentioned that their clients are mainly from Kowloon, accounting for about half; the New Territories clients make up about 30%; and the Hong Kong Island clients make up approximately 20%. They expect the rental rate per square foot in this development to reach HKD 70, with a rental yield of over 4%, attracting about 40% of investors. For homebuyers, due to the relatively low threshold of the development, it is very popular among post-90s and post-2000s generations, comprising about half. Furthermore, Kai Tak area is the first choice for many mainland Chinese coming to Hong Kong, and this time mainland buyers are also quite active, accounting for 40% of the total.
The reason why the first round of sales of Tiansi · Tianshou was so hot is that the price is an important factor.
According to media reports, the first batch of 204 houses sold in this residential area are 20% cheaper than neighboring new developments. Despite Hong Kong recently lowering mortgage rates and boosting market confidence, developers still face the issue of excessive housing supply. Currently, the number of properties in stock has reached the highest point in twenty years.
The Tiansi project was developed by Sun Hung Kai Properties, Hong Kong's largest real estate developer, on a plot acquired at a high price of 25.2 billion Hong Kong dollars in 2018, setting a record at that time. At the current selling prices, developers may incur losses as the average selling price is 38% lower than the breakeven point of 0.032 million Hong Kong dollars per square foot.
It is reported that Sun Hung Kai Properties is still carrying out the second phase of construction for the project, with plans to build another 584 residences.
