Hong Kong home buyers flock to Tsuen Wan amidst supply, rate concerns

Buyers snapped up 130 units in the first two hours.

According to South China Morning Post, Hong Kong home buyers seem undeterred by rising flat supply and imminent interest rate increases after a residential project launch in Tsuen Wan received an overwhelming response on Friday. Hundreds of buyers, escorted by agents, began queuing up at the sales office of The Pavilia Bay in Tsuen Wan, jointly developed by Vanke Property (Overseas) and New World Development, when the sale of the first batch of 400 units started at 9am.

Market sources said buyers snapped up 130 units in the first two hours, mostly two-bedroom flats worth about HK$8 million to HK$9 million after the discount. Louis Chan Wing-kit, chief executive of Asia Pacific at Centaline Property Agency’s residential department, said 70 per cent of the firm’s signed up potential buyers are end users, and 30 per cent are investors.

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