Hong Kong homebuyers snap up all flats at Great Eagle’s Onmantin project

Posted by Admin April 27, 2024 Bussiness

Po estimated that about three out of 10 Midland clients who registered to purchase flats at Onmantin come from mainland China.

The robust sales can be attributed to an improvement in sentiment following the government’s removal of all property curbs on February 28. Additionally, the developers’ discounted price strategy is attracting buyers from both Hong Kong and the mainland.

According to data published by Centaline Property Agency on Sunday, there were 3,065 transactions in the primary market between April 1 and 24. This represents a significant 106 per cent surge compared with the whole month of March. It is important to note that the April figure reflects the strong sales in March, considering the time lag for registration.

Furthermore, the total value of first-hand flats sold in the first 24 days of April reached HK$40 billion (US$5.1 billion), marking a substantial 191 per cent increase compared with the HK$13.71 billion recorded for the entire month of March, Centaline said.

Midland Realty estimated that about three out of 10 clients who registered to buy flats on Saturday at Great Eagle Holdings’ Onmantin project come from mainland China. Photo: Xiaomei Chen

The Onmantin flats on offer were priced from HK$17,750 to HK$25,866 per square foot. The cheapest unit, measuring 388 sq ft, had a price tag of HK$6.89 million.

That price range was more than 25 per cent below those of the nearby In One Above residential project, which was launched by Chinachem Group in May last year.

Prices at the Onmantin project marked the lowest in the same neighbourhood since 2016, when Kerry Properties launched its Mantin Heights development at an average of HK$19,000.

The market appears to be responding to the government’s latest incentives. In February, Hong Kong scrapped many of its decades-old curbs to douse excessive speculation that drove up property prices to among the highest in the world. The removal of those measures came as home prices in the city hit a seven-year low.

Hong Kong property developer Great Eagle Holdings priced the first batch of units for sale at its new Onmantin residential project in Ho Man Tin at the lowest level in the neighbourhood since 2016. Photo: Handout

About 70 per cent of Onmantin’s customers would buy units for their own use, while the remaining 30 per cent would purchase for investment purposes, according to Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency.

Chan said he expected the first batch of homes to sell out.

Great Eagle’s Onmantin project, comprising 900 flats in five 24-storey towers, sits above the Ho Man Tin railway station in Kowloon. It is expected to be completed in two phases of 418 and 572 units, respectively.

The developer earlier this week said it was confident about the prospects of the first batch of flats on offer, given that it is made up of the last new units in the location.

Prospective homebuyers line up at the Mong Kok office of Great Eagle Holding’s Onmantin residential project in Ho Man Tin on April 27, 2024. Photo: Xiaomei Chen

Homebuyers have recorded more than 1,000 first-hand deals so far this month, according to Centaline’s Chan. Transactions involving flats valued at HK$10 million or above made up nearly 70 per cent of the volume, suggesting mid-priced and luxury properties are luring buyers again.

Sales of new and secondary homes in surged 67 per cent in March to 3,971 units, compared to February, reaching the highest level since May last year, according to data from the Land Registry. Those amounted to a total of HK$30.06 billion in value, the highest level since June last year.