Business brisk at housing estates

Business | Jeannie Tang 8 Apr 2019

Ten major housing estates tracked by four big property agencies recorded 57 transactions during the weekend compared to 45 a week earlier.

And when Friday's Ching Ming Festival is included in the numbers there were 89 deals, which also saw higher prices.

Midland chief executive Sammy Po Siu-ming said the second-hand market had a shortage of flats in some estates, which spurred sellers to raise asking prices.

Po believes prices will increase 10 percent in the first half of this year.

Henderson Land (0012) has meanwhile received 540 applications for a first batch of 100 units at The Addition in Cheung Sha Wan. That could lead to more flats launched before Easter.

Henderson sales manager Thomas Lam Tat-man predicted prices would rise by 15 percent this year with the United States likely to reduce interest rates.

Sino Land (0083) recorded eight deals at Grand Central Phase 2 over the extended weekend, with HK$13.4 million or HK$26,857 per square foot for a 500-sq-ft flat a record high in the district.

A 652-sq-ft flat including a rooftop at Discovery Park in Tsuen Wan sold for HK$11 million, or HK$16,871 per sq ft - a record high for the estate. The seller bought the flat for HK$4.25 million in 1999.

And a unit at Taikoo Shing in Quarry Bay with an area of 1,099 sq ft changed hands at HK$18.3 million or HK$16,724 per sq ft even after the seller upped the price by HK$380,000.

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