Hong Kong's primary and secondary home markets are benefiting from monetary easing in the mainland and the further relaxation of pandemic restrictions in the city, with developers poised to place more homes on the market over the upcoming long weekend.
The third price list for Phase 1 of Silicon Hill in Tai Po has been released, offering 84 units at an average price of HK$17,370 per square foot after discounts, and sales may be launched as early as this Friday, when the city celebrates the Dragon Boat Festival, the developer Sun Hung Kai Properties (0016) said.
The third price list includes one- and two-bedroom units, with prices ranging from HK$5.36 million to HK$7.93 million after discounts.
SHKP has so far received over 1,500 checks, making the first three price lists with 258 units 4.8 times oversubscribed.
In Ho Man Tin, SHKP sold eight of the 16 Prince Central homes offered in the first round of sales on Saturday, at an average price per of HK$29,000 per sq ft.
In Tseung Kwan O, Kowloon Development (0034) had sold 10 out of 312 homes for its Manor Hill project as of Saturday.
In the secondary market, Centaline Property Agency reported 14 deals at 10 blue-chip estates over the weekend, a 27.3 percent rise compared to the previous weekend.
The turnover remained in the double-digit level for the eleventh consecutive weekend, the realtor said.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division, said many prospective buyers feel optimistic about the property market and have been more willing to enter the market amid the easing of the pandemic and supportive policies rolled out by mainland regulators.
The focus of this month is on the primary market but recently there are also buyers returning to the secondary market to choose the preferred site, Chan said, adding that the secondary market is expected to remain stable in the future.
This came as Hong Kong's private home price index rose 0.5 percent to 384 in April, reversing a three-month decline, according to data from the Rating and Valuation Department.
That compared with a revised 0.6 percent fall in March.
On a yearly basis, home prices in April dropped 1.8 percent from a year ago.
