Hong Kong residential projects achieve high sell-through rates in April
Thanks to the attractive pricing of the new launches.
According to JLL, major Hong Kong banks raised their prime rate from 5.625% to 5.75% in May, following the latest US rate hike. Due to an increase in the mortgage rate, the higher monthly mortgage payment and income requirement could dampen housing market sentiments.
Here’s more from JLL:
The strong price and volume momentum in the first quarter showed signs of moderation. Mass residential capital values rose 0.4% m-o-m in April, following an increase of 1.3% in the previous month. The transaction volume in the primary and secondary market dropped to 1,550 units and 3,033 units respectively, compared to a total of 6,690 units in March.
Attractively priced new launches achieved relatively high sell-through rates in April. All 150 units of 'University Hill (Phase 2A)' in Taipo and 73% of 210 units of 'In One (Phase 1C)' in Homantin were offloaded on the first day of the project launch.
Among a scarce number of luxury sales transactions, a house at 'Shouson Peak' in Shouson Hill was sold for HKD 180.0 million or HKD 64,865 per sq ft, SA.