Primary sales the bright spot in property market

Homebuyers piled into the primary market over the past weekend despite the coronavirus outbreak, with Wheelock Properties selling 188 out of 208 flats on offer at Ocean Marini in Tseung Kwan O on Saturday, but secondary transactions at ten blue-chip estates slumped almost 50 percent week-on-week.

Wheelock Properties released 51 flats in the fourth price list of Ocean Marini at Lohas Park, which are offered at an average HK$15,988 per sq ft, 8.8 percent higher than that of the first batch.

The 51 flats, which range in size between 472 sq ft and 799 sq ft, are offered at between HK$7.46 million and HK$13.21 million, or between HK$15,076 per sq ft and HK$17,742 per sq ft, after discounts.

Wheelock pocketed around HK$1.8 billion after selling a total of 211 units at Ocean Marini, Grand Marini and Marini at Lohas Park on Saturday.

Meanwhile, Wing Tai Properties (0369) sold a 1,094-sq-ft penthouse at Oma Oma in Tuen Mun for HK$18.9 million, or HK$17,276 per sq ft.

In the rentals market, a 420-sq-ft flat at The Arch at Kowloon Station was rented for HK$19,000 per month, or HK$45.2 per sq ft, after HK$9,000 was cut from the original asking rent. And a two-bedroom flat at Metro Harbour View in Tai Kok Tsui was leased for HK$11,500, or HK$35 per sq ft, after HK$3,000 was cut from the initial asking rent.

In the secondary market, Centaline Property Agency recorded only eight secondary transactions at ten major housing estates over the past weekend, down by 46.7 percent from a week before.

Laguna City in Kwun Tong, Whampoa Garden in Hung Hom, City One Shatin in Sha Tin, Taikoo Shing and Kornhill in Quarry Bay saw no secondary transactions.

In Tseung Kwan O, a 538-sq-ft flat at The Wings changed hands for HK$9.6 million, after HK$2.4 million, or 20 percent, was slashed from the initial asking price.

In Shau Kei Wan, a 429-sq-ft flat at Lime Gala fetched HK$9.5 million, or HK$22,619 per sq ft, after HK$400,000 was cut from the first asking price.

In the commercial property market, the vacancy rate of Grade A offices in Admiralty rose to 6.12 percent in February, up by 0.8 percentage points month-on-month and hitting a six-year high, as the Covid-19 outbreak continued to weigh on the office market, according to Centaline Commercial.