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Demand for Hong Kong developer Wing Tai’s Oma Oma project

Demand for Hong Kong developer Wing Tai’s Oma Oma project

2019-07-04

  • Wing Tai Properties receives 800 bids for 193 units at Oma Oma in Tuen Mun
  • On Saturday, Wheelock Properties sold all 504 Grand Montara flats in Tseung Kwan O

Hong Kong property developer Wing Tai Properties said on Sunday it had sold about 70 per cent of apartments on offer at its new Oma Oma development in Tuen Mun, rounding off what could be one of the most successful weekends for residential property sales in the city this year.

Buyers had snapped up 130 units out of the 193 on offer at Oma Oma as of 5pm, a day after Wheelock Properties sold all 504 Grand Montara apartments in Tseung Kwan O, in Hong Kong’s third-biggest weekend launch this year.

News of a truce in the year-long US-China trade war has lifted sentiment and boosted confidence, and could signal the beginning of a shift in market mood.

Property sales will probably continue to heat up over the next few days, thanks to the good news from G20,” said Louis Chan Wing-kit, vice-chairman for Asia-Pacific at Centaline Property Agency. “The sale result [at Oma Oma] has been much better than we expected,” he added.

“In total, almost 700 units of new flats have been sold yesterday and today, which is one of the best weekends this year,” said Sammy Po Siu-ming, chief executive at Midland Realty’s residential department.

Po said home prices were likely to stabilise and rise during the rest of this year, supported by positive factors such as easing tensions between the United States and China, and potential interest rate cuts by the US Federal Reserve.

 

Among the 193 units on offer, 125 are two-bedroom apartments sized at 403-484 sq ft. The average price of these units is HK$12,719 per square foot. To drum up sales, Wing Tai set the prices of the project at as low as 20 per cent below Sun Hung Kai Properties’ Mount Regency Phase Two, which is also in the same area.

The buoyant weekend sales could signal the beginning of a shift in overall market sentiment in Hong Kong, the least affordable housing market in the world.

The city’s secondary home prices rose 1.4 percentage points in May, slowing from 3.2 percentage points in April, as a flair up in the trade war weighed on buyers’ appetite.

In addition, historic protests over a controversial extradition bill this month prompted concern about the city’s stability and future, leading more buyers to stay on the sidelines during new home sales.

 

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