Demand for Hong Kong developer Wing Tai's Oma Oma project pushes residential property sales to 'one of the best weekends this year'

By Yujing Liu yujing.liu@scmp.com / https://www.scmp.com/business/article/3016694/demand-hong-kong-developer-wing-tais-oma-oma-project-pushes-residential?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | July 2, 2019 11:51 AM SGT
Hong Kong property developer Wing Tai Properties said on Sunday it had sold about 70 per cent of apartments on offer at its new Oma Oma development in Tuen Mun, rounding off what could be one of the most successful weekends for residential property sales in the city this year.
Buyers had snapped up 130 units out of the 193 on offer at Oma Oma as of 5pm, a day after Wheelock Properties sold all 504 Grand Montara apartments in Tseung Kwan O, in Hong Kong's third-biggest weekend launch this year.
News of a truce in the year-long US-China trade war has lifted sentiment and boosted confidence, and could signal the beginning of a shift in market mood.
"Property sales will probably continue to heat up over the next few days, thanks to the good news from G20," said Louis Chan Wing-kit, vice-chairman for Asia-Pacific at Centaline Property Agency. "The sale result [at Oma Oma] has been much better than we expected," he added.
"In total, almost 700 units of new flats have been sold yesterday and today, which is one of the best weekends this year," said Sammy Po Siu-ming, chief executive at Midland Realty's residential department.
Po said home prices were likely to stabilise and rise during the rest of this year, supported by positive factors such as easing tensions between the United States and China, and potential interest rate cuts by the US Federal Reserve.
Wing Tai received more than 800 bids for the apartments, which ranged from 314 to 750 sq ft in size and were priced at HK$4 million to HK$9.7 million. Another 36 special units " either ground-floor duplex apartments with a small garden, or large, top-floor flats with balconies " were offered through tender, of which seven were sold.
Among the 193 units on offer, 125 are two-bedroom apartments sized at 403-484 sq ft. The average price of these units is HK$12,719 per square foot. To drum up sales, Wing Tai set the prices of the project at as low as...