Hong Kong’s homebuyers pile back into real estate market, snapping up Nan Fung’s LP10 flats in Tseung Kwan O



a group of people standing in front of a crowd: Buyers queuing for Nan Fung Group's LP10 (Lohas Park 10) flats at the developer’s sales office at Harbourside in Kowloon Bay on January 23, 2021. Photo: Dickson Lee


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Buyers queuing for Nan Fung Group’s LP10 (Lohas Park 10) flats at the developer’s sales office at Harbourside in Kowloon Bay on January 23, 2021. Photo: Dickson Lee

Hong Kong’s homebuyers piled into the real estate market and ignored a raging coronavirus outbreak in the Kowloon side of the city as they almost cleared out the second new launch of property projects this year.

Nan Fung Group and MTR Corporation sold 176 of the 179 flats at the LP10 project at Lohas Park in Tseung Kwan O, receiving more than 5,100 registrations of interest, or 27 bids for every available flat, according to sales agents. The developers, who reported HK$1.6 billion (US$206 million) from today’s sale, have offered to put a second batch of 128 flats on the market.

“Spring has arrived early, and brought a booming market with it,” said Kelvin Cheong, operation director of the residential department of Midland Realty, the sole publicly traded network of real property agents in Hong Kong. “The stock market’s surge in recent days (gave the) the sentiment on entering the property market a positive push, which increased the transactions in both the new and secondary housing markets.”

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