Thursday, November 26, 2015   

Property off to a lame start

Karen Chiu

Tuesday, February 04, 2014


The local property sector experienced one of its worst Lunar New Year breaks with both the primary and secondary markets recording just a handful of deals during the four-day festive holidays.

Only one transaction was recorded at the 10 major housing estates - the lowest since Centaline Property Agency started tracking the numbers in 2003.

Mass market blue-chip estates including Kingswood Villa in Tin Shui Wai and City One Sha Tin, which usually lead in secondary market transactions during the break, saw no deals.

The highest record was 71 deals booked in the five-day Lunar New Year break in 2005 at the 10 major housing estates tracked.

But since then sales numbers have been falling. Just two deals were recorded in 2013, the Year of The Snake.

Midland Realty saw three transactions at the 10 major estates it tracks. This is the lowest ever since it started tracking the data since 2007.

Centaline residential chief executive Louis Chan Wing-kit said the secondary market would remain sluggish with the launch of several new projects being imminent and the prospect that they would be offering hefty discounts.

Only one deal recorded by Centaline involved a 714-square-foot unit at Tai Koo Shing that was sold for HK$8.7 million after its price was slashed by HK$300,000.

The primary home market saw just 12 sales over the four-day break - the lowest since 2010.

A total of 150 new units were sold during the five-day break in the Year of The Snake, with Sun Hung Kai Properties (0016) selling more than 80 flats at Residence 88 in Yuen Long.

This year, the Year of the Horse, Henderson Land Development (0012) sold three units at the second phase of Double Cove since Friday, including a 794-sq-ft unit sold for HK$9.24 million with discounts of around 9 percent.

Sino Land (0083) and Hopewell Holdings (0054) also managed to sell three flats at The Avenue second phase, with two of the units snapped up by one investor.

Victor Tin Siu-yuen, associate director of sales at Sino expects to relaunch the second phase of Providence Bay in Tai Po - Providence Peak - soon, adding that over 100 group of potential buyers have viewed the newly opened house number eight.

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