Home deals in December at $52b

Business | Samantha Wong 4 Jan 2018

The number of sale and purchase agreements in Hong Kong for all building units received for registration in December was 7,158 - down 5.8 percent compared with November but up 2.7 percent against December of 2016.

Of the transactions, 5,337 were for residential units, Lands Registry records show, and the deals amounted to HK$52 billion.

The remaining 1,821 units were mostly for commercial and industrial units, and involved HK$34.6 billion.

The figures were revealed yesterday as the Lands Department announced that SUNeVision Holdings (8008) had won an industrial site in Tsuen Wan for HK$725.8 million by government tender.

The site on Ma Kok Street is good for more than 200,000 square feet of floor area that could be used for operations such as information technology, media production and telecommunications.

In the residential market, Sun Hung Kai Properties (0016) released the price list for the presale of its latest residential project in Ma On Shan, with an average per-square-foot price of about HK$17,000.

The St Barths project provides 71 flats for the first batch of sales with sizes that range from 382 sellable square feet to 983 ssf, with a minimum price of about HK$6.2 million.

In Ho Man Tin, Kerry Properties (0683) is putting 143 flats from its Mantin Heights project on the market. The homes comprise two- and three-bedroom units.

The latest batch has a minimum price in the range of HK$13 million, with an average per-square-foot price of HK$23,000.

The developer has already reported sales of about 1,000 units, which would account for two thirds of the development.

Overall, Mantin Heights will be made up of some 1,400 homes in a size range from 361 ssf to 1,480 ssf.

Also yesterday, estate agency Midland Realty said it expects home prices to increase at a slower pace this year - perhaps by 10 percent compared with the increase of 13 percent in 2017.

Wong Kin-yip, the chairman and executive director of Midland, noted that an interest rate hike together with an increase in housing supply would have an impact on prices.

The expectation at K Wah International Holdings is for home prices to climb 5 percent this year.

It also notes there will be more projects launched in the New Territories, especially in Tseung Kwan O and Tai Po.

The developer is currently awaiting pre-sale consent for its Pak Shek Kok project in Tai Po, which will provide 1,100 flats.

Last year, K Wah purchased two residential sites in Yuen Long and Cheung Sha Wan in joint ventures to increase its land bank.

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