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.

La Mirabelle in Harbour Bay – 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.

Following the US Federal Reserve’s decision earlier this month to hold its benchmark rate at between 3.5 per cent and 3.75 per cent, developers in Hong Kong have launched about 700 new units.

These include 122 flats at foto+ in Mong Kok by K&K Property, 100 at the Connext Project in Wong Tai Sin by Wang On Properties, 93 units at Deep Water South project in Wong Chuk Hang by Wheelock Properties and MTR Corporation, and 123 units at Chester in Hung Hom by Henderson Land Development.

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