Chinachem Group and the Urban Renewal Authority on Sunday sold out all apartments in Echo House, its latest project that received a warm welcome from homebuyers following mortgage loan relaxations and interest rate reductions.
According to the agency, all 198 units in the Changsha Bay project were sold out after sales began at 9am.
Hong Kong’s property market has seen an increase in home sales in recent weeks following the Hong Kong Monetary Authority’s (HKMA) policy easing cycle last month. Following this, the HKMA increased the loan-to-value ratio to 70% of the property value and the debt service ratio for residential and non-residential properties from 40% to 50%.
Sammy Poh Xiumin, CEO of Midland Realty’s residential division, said these positive developments have reinvigorated the market. “New projects continue to dominate the market.”
With developers aggressively launching new projects, Poe expects new home sales to exceed 3,000 this month, the highest since April. The number of residential home sales is also expected to increase by about 15% month-on-month to nearly 3,400 units.
“Real estate prices are likely to recover by about 3% in the fourth quarter,” he said.
Chinachem’s Echo House will be built in Changsha Bay. Photo: Google Maps
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