Major Hong Kong developers are likely to speed up the release of new housing projects as low interest rates and rising salaries underpin buoyant buying sentiment in both primary and secondary markets, property agents say.

Nearly 5,000 completed or near-finished new units await release, agents say. Strong sales achieved by an uncompleted project, Belcher's Hill in Western district, over the weekend are likely to persuade rival developers to release their new projects for sale.

Buyers snapped up 120 units at Belcher's Hill, or some 80% of the total available, when New World Development launched the project for pre-sale. The 52-storey single residential block comprises a total of 160 units, ranging from 732 sq ft to 2,198 sq ft.

South China Morning Post