Home sales surge amid price cuts

Business | Gary Poon 12 Nov 2018

Transactions in the secondary home market surged on the weekend after after property owners slashed prices in order to cut deals.

Eighteen flats changed hands in the 10 major housing estates - up from five on the previous weekend - according to Centaline Properties, Midland Realty, and Hong Kong Property Agency.

A 570-square-foot unit at Nan Fung Sun Chuen in Quarry Bay sold for HK$8.5 million, or HK$14,912 per sq ft, virtually unchanged from September's average of HK$14,899.

A sea view unit at Telford Garden in Kowloon Bay, sized at 494 sq ft, changed hands at HK$8.5 million, or HK$16,194 per sq ft - HK$500,000 below the asking price - while a 616-sq-ft three bedroom unit with waterfront view at Grand Waterfront in To Kwa Wan fetched HK$11 million, or HK$16,558 per sq ft - HK$800,000 off the asking price.

Meanwhile, in the primary market, HKR International (0480) and Nan Fung Development sold a 2,771-sq-ft penthouse with 1,006-sq-ft rooftop and 718-sq-ft terrace with swimming pool at La Cresta in Kau To Shan for HK$86.7 million, or HK$31,288 per sq ft.

MCC Real Estate's L'aquatique in Sham Tseng launched 50 units in its first batch, which was two times oversubscribed. Prices range from HK$11,788 to HK$15,871 per sq ft after discount.

Vanke Hong Kong's Le Pont in Tuen Mun has less than 100 units remaining unsold. The developer will launch a Christmas discount to attract buyers. The company has sold 559 flats at the project at an average of HK$115,00 per sq ft.

Separately, Century 21 Skyon Properties opened a new branch in Tuen Mun, and said it will open 20 more branches and employ 100 more staff in the next five years.

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