Yoho interest defies price rises

Yoho Hub II in Yuen Long has reportedly received over 9,000 checks for 213 units in the second round of sales, making for an oversubscription of over 41 times, extending its momentum seen in the first batch a week ago.

Developed by Sun Hung Kai Properties (0016), its first-round was at least 40-times overbooked with more than 8,700 checks received for the 210 units put on the price lists. The batch sold out in a single day on Saturday.

The warm response to the second round came even after the developer raised prices, with the average after discounts up by 7.5 percent to HK$15,639 per square foot.

But compared to the batches launched three years ago, the latest average price was still nearly 30 percent lower.

The 213 units will be put for sale on Saturday, with prices after discounts ranging from HK$6.64 million to HK$14.6 million. This round includes 107 two-bedroom and 106 three-bedroom flats.

Homes priced below HK$8 million after discounts amounted to 111 units, accounting for over half of this round.

The apartments launched this year are in phase C of The Yoho Hub II, offering 939 units in total. The first round of sales cashed in over HK$1.93 billion last week.

Also in Yuen Long, small builder Star Properties raised the prices mildly by 0.75 to 3 percent for some units at After The Rain.

Star Properties said the average price inched up by only 1.3 percent and that it might adjust prices and discounts for the remaining flats in the short run.

The Yuen Long sales came as New World Development (0017) announced it would work with a state-owned enterprise in Shenzhen, Shum Yip Group, to develop the innovation and technology zone in the Northern Metropolis and other initiatives.

Shum Yip, which is fully owned by the Shenzhen government and focused on property and industrial park developments and operations, is the third SOE partner that NWD is working with at Northern Metropolis.

Earlier, NWD said collaborations with China Resources Land (1109) and China Merchants Shekou will provide a total of about 4,000 units with over 1.72 million sq ft of gross floor area.