New Hong Kong flats at Early Light’s Uppland project draw tepid response

Hongkongers bought only 10 per cent of the new homes available in a New Territories sale on Sunday as record mortgage rates continued to dampen sentiment amid a supply glut in the city’s property market.

Developer Early Light International Holdings, owned by tycoon Francis Choi Chee-ming, put 139 flats on sale at The Uppland at Gold Coast Bay in Tuen Mun on Sunday. As of 3pm, 17 units had been sold, according to agents.

The batch of flats, the third offered at the project, comprises 61 studios, 31 one-bedroom flats, 32 two-bedroom units and five three-bedroom homes, with areas ranging from 182 to 767 sq ft. The sale also included about 10 flats with rooftop balconies or utility platforms.

The homes were priced between HK$2.23 million (US$286,000) and HK$9.93 million after discounts, or HK$9,640 to HK$14,182 per square foot. The average price after discounts was HK$11,813 per square foot, 6 per cent higher than the average price in the second round of sales and 15 per cent higher than the first round.

The Sunday sale was “in line with expectations” given that interested buyers would have already made their moves in the first two rounds, said Sammy Po Siu-ming, CEO of the residential division at Midland Realty, one of the largest real estate agencies in the city.

Po expected about 20 units to sell by the end of the day.

“The market awaits a potential rate cut in September to drive sales afterwards,” he said. “We expect to see a rebound in sales after that.”