Luxury home projects are scrambling for sales

Property developers are speeding up the marketing campaigns for luxury home projects with the US Federal Reserve slowing the pace of the interest rate hike.

Ho Man Tin in Kowloon is one of the districts where developers are marketing their luxury flats with 2,261 units beginning on sale from this week. These new units are offered by three residential projects – Kerry Properties’ Mantin Heights, Wheelock Properties’ One Homantin and Sun Hung Kai Properties’ Ultima phase two development.

Victor Lui, deputy managing director of Sun Hung Kai Properties, was confident that the sales performance of Ultima phase two development would be as good as its phase one development. He said that 110 units of phase one development were sold to buyers within a short period of time last year with a revenue of $5 billion.

For Ultima phase two development, the developer introduced a sophisticated face-detection security system that is up to the standard of the security system used at the airport to ensure residents’ safety.

Sun Hung Kai Properties Ltd, the city’s largest developer in terms of market capitalisation, will also be offering new homes at Tseung Kwan O and Yuen Long in the coming weeks.
Analysts believe the move by property developers ramping up the marketing efforts was carefully planned.

“It shows developers are eager to increase their sales before the buying demand dried up,” Alfred Lau, an analyst at Bocom International, told the South China Morning Post.

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