Hong Kong Monetary Authority's Rate Cuts Boost Lai Sun Development's New Project Sales

Hong Kong Property Market Thrives with Lai Sun Development

In a significant surge in the Hong Kong property market, Lai Sun Development has experienced robust sales for its new residential project, The Parkland, located at 266 Tai Kei Leng in Yuen Long. At a price point not seen in the past decade, the project saw overwhelming demand, leading to nearly all 98 units being sold as of 5 PM on Sunday.

Strong Demand from First-Time Buyers

Most buyers were first-time investors taking advantage of the recent interest rate cuts initiated by the Hong Kong Monetary Authority. Units at The Parkland range from 265 sq ft to 488 sq ft, with the initial offering including 80 one-bedroom and 18 two-bedroom flats. Priced between HK$2.43 million (US$313,000) and HK$4.63 million, units are projected to be competitively priced.

• First batch: 80 one-bedroom units under HK$3 million.
• Cheapest unit: 282 sq ft for HK$2.43 million.
• Developer plans tender for special units next week.

Market Sentiment on the Rise

The recent reduction in interest rates and an upswing in the stock market has improved sentiment in the property market. Senior vice-president Julian Poon Yui-man indicates that both property prices and transaction volume could rebound soon.

Other developers like Sun Hung Kai Properties and Emperor International are also reporting strong sales as buyer interest peaks following the US Federal Reserve rate cuts. The market anticipates around 2,000 transactions in October, a seven-month high.