Second Sales Round of Yoho Hub II Generates Exceptional Interest

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

Despite a price increase for the second round, with the average price after discounts rising by 7.5 percent to HK$15,639 per square foot, the demand has remained high. Buyers have shown strong interest, even though the prices are still nearly 30 percent lower than comparable launches three years ago.

The upcoming sale on Saturday will feature 213 units priced between HK$6.64 million and HK$14.6 million after discounts. These 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 available apartments are part of phase C of The Yoho Hub II, which will ultimately provide 939 units. The first round of sales last week generated over HK$1.93 billion.

In the same district, smaller developer Star Properties has made slight price adjustments, ranging from 0.75 to 3 percent, for some units at their After The Rain development. Despite these changes, the average price increase remains modest at only 1.3 percent. Star Properties has indicated that further price adjustments and discounts may occur for the remaining units in the near future.

This surge in property sales in Yuen Long coincides with New World Development's (0017) announcement of a partnership with Shum Yip Group, a state-owned enterprise based in Shenzhen. The collaboration 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. This marks the third state-owned enterprise partnership for New World Development in this project, following collaborations with China Resources Land (1109) and China Merchants Shekou. Together, these partnerships are set to deliver approximately 4,000 units covering over 1.72 million square feet of gross floor area.

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