Hong Kong homebuyers keep up robust demand as new launches draw brisk sales

Hong Kong homebuyers continued to show strong demand for new residential launches over the weekend, potentially pushing primary market transactions to a five-month high, according to agents.By 3.30pm on Saturday, about two-thirds of the 108 units released at Park Seasons – a Lohas Park project in Tseung Kwan O developed by Wheelock Properties and the city’s subway operator MTR Corp – had found buyers, agents said.On Friday, all 60 units on offer at K. Wah International’s Kabitat Tin Hau project sold out.The latest launches followed strong demand for Sun Hung Kai Properties’ Sierra Sea, where three batches released so far this month have sold out.The developer has sold 660 units for Phase 2A of the project, located in Shap Sze Heung between Sai Kung and Ma On Shan in the New Territories. It is Hong Kong’s largest residential development in more than two decades.“Transaction activity this month has been robust,” said Louis Chan Wing-kit, vice-chairman and president at Centaline Property. “We anticipate that the total for January will reach 2,000 transactions, a five-month high.”Units at Park Seasons ranged from 277 sq ft to 537 sq ft, with prices from HK$5 million (US$641,000) to HK$10.61 million after discounts.