RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Young buyers snap up discounted units at Tseung Kwan O property sale

About 95% of the 488 units on offer were sold for $4.28b.

Thousands of hopeful homebuyers eagerly snapped up of the second batch of Nan Fung Development’s LP6 flats in Tseung Kwan O.

Nan Fung claims that as many as 5,800 buyers registered to bid for the 488 available flats which represents around 12 buyers for every unit. 

Around 95% or 464 units out of the 488 on offer were sold for a total sales value of $4.28b (US$540m) despite dismal market conditions brought about by tighter property regulations.

Also read: Developers slash unsold home prices as vacancy tax kicks in

“The enthusiasm of individual buyers was not affected by the recent downbeat investment sentiment or volatile stock market,” said Louis Chan, Asia-Pacific vice-chairman and chief executive of residential division at Centaline Property Agency.

About 85% potential buyers came after failing to buy units in the last round, with around half young buyers.

As part of the growing trend to dispose off stock in a challenging market environment, Nan Fung has rolled out discounts of up to 19.5% to keep the discounted unit prices at between $4.48m and $18.37m, unchanged from the first batch.

Some developers have even turned to offering lifestyle incentives to lure buyers with CK Asset Holdings Ltd giving away high-speed rail holiday and travel packages for people who agree to purchase a four-bedroom units at its recent development in Hong Kong west whilst Kerry Properties is allowing buyers to move in to their Mantin Heights project in Kowloon after shelling out only a 10% deposit.

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