Wang On Home Sale Discounts Spark Investor Interest in Quarry Bay Properties

Wang On's Home Sale Discounts Ignite Interest

Wang On Properties has recently seen a surge in buyer interest at its Quarry Bay project, marked by home sale discounts that are priced one third lower than the market rate of three years ago. This trend is attracting long-term investors eager for rental income.

Details of the Quarry Bay Offerings

As of Saturday evening, thirty-nine out of sixty available units in Finnie were sold, with prices ranging from HK$4.29 million (US$550,279) to HK$8.54 million. The price per square foot is an alluring HK$17,502 to HK$23,470, significantly less than previous offerings in the same area.

• Significant Price Discounts: The units are priced approximately 30% lower than the 2021 launch of Henderson Land's The Holborn, further enticing potential homebuyers.
• The location near Quarry Bay MTR station enhances the appeal, even with a lack of new supply in the neighborhood.
• Prospective Returns: Analysts predict that these properties could yield annualized returns of up to 5%.

Market Predictions Amid Interest Rate Dynamics

As expectations grow for an interest-rate cut by the US Federal Reserve, the market anticipates a chase for new flats. Louis Chan Wing-kit, CEO of Centaline, noted that developers are accelerating sales, hinting at potential further discounts.

The Current State of Hong Kong's Property Market

Despite the current challenges posed by high interest rates, which remain at a 23-year high, the Hong Kong property market is experiencing increased activity in home sales. Wang On's Quarry Bay project exemplifies this trend, as buyers are drawn to the attractive pricing and potential investment opportunities.