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Yoho Hub II Sees Overwhelming Interest in Second Sales Round

Squarefoot Editor  2024-05-17  #Tips For Transaction

Yoho Hub II, a residential development in Yuen Long by Sun Hung Kai Properties (0016), has continued its strong sales performance into the second round. This latest phase has attracted over 9,000 checks for just 213 units, translating to an oversubscription rate of more than 41 times. This follows a similarly enthusiastic response to the first round, where over 8,700 checks were received for 210 units, which then sold out in a single day.

Despite a price increase by the developer for the second round, with the average price after discounts rising by 7.5 percent to HK$15,639 per square foot, demand remained high. This price adjustment did not deter buyers, even though it is still nearly 30 percent lower than prices from comparable launches three years ago.

The upcoming sale on Saturday will feature these 213 units priced between HK$6.64 million and HK$14.6 million after discounts. The available properties include 107 two-bedroom and 106 three-bedroom apartments. Notably, more than half of the units in this round are priced below HK$8 million after discounts, totaling 111 units.

The apartments on offer are part of phase C of The Yoho Hub II, which will ultimately provide 939 units. Last week, the first round of sales generated over HK$1.93 billion.

Meanwhile, in the same district, smaller developer Star Properties adjusted their prices slightly, between 0.75 to 3 percent, for some units at their After The Rain development. Despite these changes, the average price increase remained modest at only 1.3 percent. Star Properties indicated that price adjustments and discounts might continue in the near term for the remaining units.

This surge in Yuen Long property sales coincides with New World Development's (0017) announcement of a collaboration with Shum Yip Group, a state-owned enterprise based in Shenzhen. This partnership aims to develop the innovation and technology zone in the Northern Metropolis among other initiatives. Shum Yip, wholly owned by the Shenzhen government, specializes in property and industrial park developments, marking it as the third state-owned enterprise partnership for NWD in this project, following collaborations with China Resources Land (1109) and China Merchants Shekou. These collaborations are set to deliver approximately 4,000 units covering over 1.72 million sq ft of gross floor area. 

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