Hong Kong’s homebuyers defied a No 3 typhoon signal to snap up apartments during two property sales on Friday, entering the market after commercial banks lowered their prime lending rates a day earlier following the first rate cut by the local monetary authority.
New World Development and CK Asset Holdings, two of the largest property developers in the city, sold 44 apartments, or 23 per cent of the 190 flats on offer at two locations as of 4.50pm on Friday, less than three hours after sales commenced.
New World sold 39 of the 120 units in the House Muse project in Kowloon City, priced at an average of HK$18,251 (US$2,347) per square foot after discounts, according to agents. Five of those units were offered for sale by tender.
CK Asset, one of the flagship companies of the tycoon Li Ka-shing, found five buyers for the last 70 units of Blue Coast II in Wong Chuk Hang, priced between HK$10.2 million and HK$20.2 million, or HK$22,684 per sq ft on average after discounts. Thirty-two of the units were on sale by tender.
New World Development offered 120 units of its House Muse residential project in Kowloon City at K11 ATELIER in Quarry Bay on September 19, 2025. Photo: Karma Lo
Property agents pointed to the rate cut as the start of a downwards cycle for lending costs, adding that government measures after Chief Executive John Lee Ka-chiu’s policy address on Wednesday would stabilise the property market.
“[The] two additional rate reductions anticipated in the coming months signal the onset of a downwards interest rate cycle, thereby incentivising more buyers to position themselves in the market,” said Derek Chan, head of research at Ricacorp Properties.
