Hong Kong property sales slow as interest rate hike looms

Hong Kong's property market witnessed a cautious response from homebuyers on Thursday evening, as developers put 130 flats up for sale amid growing concerns over a potential interest rate hike later this year.

At Phase 4B of La Montagne, part of the Southside project near Wong Chuk Hang MTR station, agents reported the sale of 30 out of 75 units. These two-bedroom flats, with saleable areas ranging from 484 to 546 square feet, were priced starting at HK$13.4 million (US$1.7 million) after discounts. The discounted prices translated to HK$27,545 to HK$31,747 per square foot. The project is being developed collaboratively by Kerry Properties, Sino Land, Swire Properties, and the MTR Corporation.

Meanwhile, at One Victoria Cove Phase 4 in Hung Hom, five units were sold, according to agents. These flats, offering two- to three-bedroom configurations and ranging in size from 338 to 585 square feet, were priced between HK$6.88 million and HK$13.52 million after maximum discounts. The per square foot prices varied from HK$19,589 to HK$23,105. One Victoria Cove is being jointly developed by Henderson Land Development, Hysan Development, and Empire Group.

The measured pace of sales reflects buyers’ cautious approach as they navigate uncertainties surrounding potential interest rate changes, as highlighted by the Hong Kong Monetary Authority.