Secondary homes market sees more price cuts

Business | Kevin Xu 10 Sep 2019

The primary property market remains gloomy and home owners are cutting prices in the secondary market amid the continuing social unrest.

Wing Tai Properties (0369) sold only 22 flats over the past two days out of a batch of 152 on offer at Oma Oma in Tuen Mun. The developer moved 17 flats by way of public sale. With areas from 276 to 607 square feet, they fetched between HK$3.99 million and HK$8 million. And five flats were sold by tender. They ranged from 407 to 420 square feet and fetched from HK$5.48 million to HK$5.78 million.

Wing Tai has now taken HK$1.49 billion from the sale of 267 units.

In the secondary market, a 592-sq-ft flat at Laguna Verde sold for HK$9.98 million, or HK$16,858 per sq ft. That was after HK$1.82 million was cut from the first asking price. Still, the selling price was 107.1 percent higher than what the vendor paid for it 10 years ago.

A 490-sq-ft flat at Coastal Skyline in Tung Chung sold for HK$6 million, or HK$12,245 psf. That was after HK$1.5 million was chopped off the asking price in June. At Grand Promenade in Sai Wan Ho a 498 sf flat fetched HK$9.8 million, or HK$19,679 per sq ft. That was HK$1.2 million below the original asking price. Even then, the selling price was 189 percent higher than what the seller paid for it 14 years ago.

And a two-bedroom flat at Green Code in Fan Ling changed hands for HK$6.05 million, or HK$13,181 per sq ft. Again, there was a cut from the asking price, in this case HK$450,000.

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