Developers set to unleash 817 flats in the biggest weekend sale since extradition bill protests rocked Hong Kong

By Lam Ka-sing / | July 16, 2019 3:17 PM SGT
Property sales are back in full swing. Six developers are selling 817 units, including Hong Kong's smallest flat, in the biggest weekend sale since protests against the controversial extradition bill started in early June.
Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency, said market sentiment has improved as tensions have eased between the US and China after the G20 summit and anticipation that possible interest rate cuts by the US Federal Reserve could lead to a reduction in local banks' prime rate.
On Sunday, Jiayuan International and Stan Group will offer 344 units at their T-Plus project in Tuen Mun, with sizes ranging from 128 square feet to 387 sq ft. Of these, 12 flats measuring 128 sq ft " smaller than a car parking space " are targeted at first-time buyers.
The project has received 12,000 registrations of interest, which is the second highest this year. This also means that more than 34 buyers will compete for each flat.
Prices start at HK$1.74 million (US$222,200) for the 128 sq ft unit, or HK$13,577 per sq ft after discounts, which makes it the cheapest home in the city since CK Asset Holdings sold 165 sq ft units at Mont Vert in Tai Po for HK$1.65 million in 2014.
The project is likely to sell easily, said Richard Lee, chief executive of Hong Kong Property (Services).
The T-Plus residential project in Tuen Mun. Photo: Bloomberg alt=The T-Plus residential project in Tuen Mun. Photo: Bloomberg
"The price cut this time is quite large, so some buyers will be attracted," said Lee.
T-Plus only has 20 units priced below HK$2 million each. Agents said developers would have an internal sales quota of 30 for their staff, meaning they would be given...