Hong Kong homebuyers pile into new launches despite rate jitters and Middle East tensions

Hong Kong homebuyers snapped up new launches on Tuesday as developers accelerated sales amid concerns over slower rate cuts and geopolitical tensions in the Middle East.

By about 3.50pm, all 254 flats released at the La Mirabelle project in Tseung Kwan O had been sold, according to market agents.

“Today’s positive sales results at La Mirabelle is a vote of confidence for the Hong Kong residential market,” said Daryl Ng, chairman of Sino Group. “The Hong Kong residential market fundamentals are healthy, with good liquidity in transactions, attractive rental yields for investors, and world-class infrastructure such as the MTR network and quality shopping malls for end users.”

La Mirabelle in Lohas Park Road – jointly developed by Sino Group, Kerry Properties, K. Wah International, China Merchants Land and MTR Corporation – is to be developed in two phases, each comprising about 1,200 units, for a total of 2,550 units.

The project will offer one- to four-bedroom flats, with a focus on two- and three-bedroom layouts.

“Given the recent increasing number of first-hand projects launching in the market, developers are continuing to deleverage their positions to avoid a longer mid- to high-interest-rate environment,” said Norry Lee, senior director at JLL in Hong Kong.