Secondary home deals up

Business | 11 Oct 2016

The volume of transactions in the secondary housing market surged over the weekend from the previous weekend as endusers and investors showed more confidence in the sector's prospects, analysts said yesterday.

Sammy Po Siu-ming, residential chief executive at Midland Realty, said 24 deals were transacted on Saturday and Sunday at 10 major housing estates that Midland tracks, more than double from just 11 transactions in the previous weekend.

Another sale and purchase agreement was struck yesterday, bringing the total over the holiday weekend to 25. "As the low interest rate environment is expected to continue for some time, many buyers took advantage of the long weekend to buy flats," said Po. Centaline Property also recorded 23 transactions over the weekend, a substantial increase from 14 in the previous weekend.

Louis Chan Wing-kit, Centaline Property Asia-Pacific's residential chief executive officer, said some homebuyers turned their attention to the secondary market as the primary market was mostly directed by luxury flats recently.

Meanwhile, an 897-saleable- square-foot flat at Le Point in Tseung Kwan O was sold recently for HK$12.8 million or HK$14,270 per ssf. The original owner bought the flat in 2007 for HK$6.82 million and the selling price represented an 88 percent spike in the apartment's value in nine years.

In the primary market, Wheelock Properties managing director Ricky Wong Kwong-yiu said the first price list of the company's Napa project in Tuen Mun will be launched this week.

The first price list will be for at least 92 flats and price levels will be set after taking into account prices of flats in new projects in the same district.

Wong said Napa show flats may be launched this week and units may be offered for sale next week at the earliest. Napa will provide 460 units, comprised of 400 flats and 60 independent houses.

He said he expects the management fee for units at Napa to be in the HK$4.30 to HK$4.50 per ssf range.

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