By South China Morning Post | Created at 2024-11-02 11:51:37 | Updated at 2024-11-02 14:29:20
2 hours ago
New flats on offer in Kai Tak received a cool reception on Saturday, as Hong Kong homebuyers mostly stayed on the sidelines waiting for steeper discounts, which spoiled expectations of a strong turnout at the start of November after the monetary authority relaxed the city’s mortgage financing rules last month.
Only one out of the 151 homes launched for sale at Pavilia Forest II was snapped up as of 5pm, while 18 units – or 31 per cent – of the 58 flats on offer at Double Coast I found buyers, according to property agents.
“Some buyers are expecting steep discounts [on new homes], and they are taking a wait-and-see attitude towards the units in Kai Tak,” said Sammy Po Siu-ming, chief executive at Midland Realty’s residential division for Hong Kong and Macau. “There are still plenty of would-be homebuyers and the market sentiment is not too pessimistic.”
The woeful results of this weekend’s new home sales appear to cloud the outlook for the city’s property sector, following last month’s homebuying euphoria.
