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Cheryl Arcibal

Chinachem Group and the Urban Renewal Authority sold out all flats in Echo House on Sunday, the latest project to receive a warm reception from homebuyers following an easing of mortgage financing and a cut in interest rates.
All 198 units in the Cheung Sha Wan project were sold after sales started at 9am, according to agents.
Hong Kong’s property market has seen rising home sales in recent weeks following the policy-easing cycle by the Hong Kong Monetary Authority (HKMA) last month. This was followed by the HKMA increasing the loan-to-value ratio to as much as 70 per cent of the property’s value and raising the debt-servicing ratio from 40 per cent to 50 per cent for both residential and non-residential properties.
These positive developments have reinvigorated the market, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. “New projects continue to dominate the market.”
With developers actively launching new projects, Po estimates new home sales this month will cross 3,000 units, the most since April. Sales of lived-in homes are also expected to rise by about 15 per cent month on month to nearly 3,400.
“Property prices are likely to rebound in the fourth quarter by about 3 per cent,” he said.

Chinachem said there were 50 times more buyers interested in the project than available units priced at HK$16,154 (US$2,079) per square foot on average.
The private developer, controlled by the estate of the late billionaire Nina Wang, had earlier priced the first 50 units at an average of HK$14,888, the lowest in the district since Henderson Land’s Park One project at HK$13,000 per square foot in 2016, according to data compiled by Midland.
Midland’s Po said since the project was conveniently located near Cheung Sha Wan MTR station and was competitively priced, there were expectations that all units could be sold on the first day.
The flats are likely to yield 4.5 per cent in rent, Po said.
“The project primarily targets end users, making up about 70 per cent of buyers, while investors account for about 30 per cent,” he added. “Midland has recorded several large transactions from clients purchasing properties for rental and personal use, including one client who invested nearly HK$50 million to buy nine one-bedroom units.”
Rival Centaline Property Agency said nearly a third of its clients were buying for investment purposes, said Louis Chan Wing-kit, CEO of the agency’s residential division.
“Two groups of local buyers were interested in purchasing four units,” Chan said. “Based on the discounted price, each client will invest about HK$30 million.”
Last week, CK Asset Holdings and MTR Corp sold more than 80 per cent of the 248 flats on offer at their Blue Coast II project in Wong Chuk Hang. Sun Hung Kai Properties found buyers for 215 of the 256 flats on sale at Cullinan Sky Phase 2 in Kai Tak.


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Hong Kong property: Chinachem’s Echo House in Cheung Sha Wan sell out as buyers return

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The developer found buyers for all 198 units in the project, agents said

The developer found buyers for all 198 units in the project, agents said