<div id="readability-page-1">Hong Kong homebuyers’ strong demand for new flats extended a streak of brisk sales for developers with one project selling out in a single day, underscoring the city’s broader recovery in housing prices. All 88 units at the Pavilia Farm III project by New World Development and MTR Corporation in Sha Tin were sold on Saturday, prompting the developers to put 75 more flats on sale later that night. Elsewhere in Kai Tak, 133 units of KT Marina II were snapped up over the weekend, according to agents. Meanwhile, Wing Tai Properties put 135 flats of its Cloudview project in Sheung Shui on sale Sunday via a price list. By around 4pm, four units had been sold. “Buyers are trickling in and we are mainly focusing on the newly released high-floor units,” said Sammy Po Siu-ming, senior director of Midland Realty. In the latest batch, units ranged from 278 sq ft to 303 sq ft and, with a maximum discount of 20 per cent, were priced from HK$19,000 to HK$32,000 per square foot.  Despite the slower sales on Sunday, agents said overall homebuying sentiment was expected to remain steady. “When a market sees multiple new developments launching simultaneously, it is only natural for buyers to have more options, leading to a diversion of interest and varying paces of sales,” said Derek Chan, head of research at Ricacorp Properties. “However, as long as the overall market remains on an upward trend, I believe purchasing power will continue to surface,” Chan said. “Various new projects will eventually be absorbed by the market; it is simply a matter of time.” Hong Kong’s residential market had shaken off a price downturn, rising by a cumulative 8 per cent since April last year, according to the latest official data. In February, an index tracking the price movement of lived-in homes rose by 1.6 per cent, bringing the gauge to a 22-month high. The latest monthly increase was also larger than January’s 1.03 per cent gain and the biggest jump in five months, according to data tracked by Ricacorp. The data did not yet reflect uncertainty over interest-rate direction amid skyrocketing oil prices following the US-Israel war on Iran that began on February 28. Last month, the US Federal Reserve kept its target rate in the range of 3.5 to 3.75 per cent, after the second meeting of the Federal Open Market Committee this year. Following the decision, the Hong Kong Monetary Authority warned of the uncertain direction of US monetary policy, adding that the “public should carefully manage interest rate risks when making decisions about property purchases, investments or borrowing”. Hong Kong’s monetary policy moves in lockstep with the US to maintain the local currency’s peg to the US dollar. Another new property launch is expected in the coming days, with Henderson Land Development, Hysan Development and Empire Group unveiling sales brochures for Phase I (Block 2) and Phase III (Block 1) of One Victoria Cove in Hung Hom, offering 360 and 288 units, respectively. A first price list covering 110 units was released on Tuesday, with discounted prices starting from HK$6.38 million and a discounted price per square foot of HK$17,365. Additional reporting by Themis Qi </div>

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<p>Hong Kong homebuyers are showing strong demand for new flats, leading to brisk sales for developers. The Pavilia Farm III project sold all 88 units in one day, prompting further sales. Other projects like KT Marina II and Cloudview also saw significant sales. Despite some slower sales, experts believe the overall homebuying sentiment will remain steady, with an upward trend in the market. The residential market has risen by 8% since April last year, with new developments expected to continue attracting buyers. However, uncertainty over interest rates remains a concern.</p>

Hong Kong homebuyers extend sell-out streak amid renewed confidence in market