Home deals continue to rise but sellers still losing out

The number of new and second-hand property deals in Hong Kong rose for a second week on the trot over the weekend but some sellers who had held properties for six years or less remained at the losing end.

More than 1,500 new homes have been bought since the government removed all housing curbs on February 28, according to Centaline Property Agency.

Henderson Land Development (0012) sold all 30 flats on offer at The Holborn in Quarry Bay on Saturday, cashing in over HK$170 million, while its Quinn - Square Mile in Mong Kok recorded 14 deals worth over HK$91 million yesterday as well.

Over the past 10 days, the developer has sold at least 207 flats for around HK$1.4 billion.

In Fo Tan, The Arles built by Centralcon Properties saw 162 flats purchased in eight days, with 73 deals were recorded yesterday.

Meanwhile, Sino Land (0083) will put 17 more flats at One Soho in Mong Kok for sale on Wednesday, with the cheapest priced at HK$5.8 million after discounts.

And Lofter's Elize Park in Mong Kok will sell 14 flats by tender on Thursday.

The number of deals at the 10 major housing estates increased 48 percent weekly to 37, hitting a new high for more than three years, data from Centaline showed.

Among the 10 estates, City One Shatin saw weekend transactions soar 150 percent weekly to 10, the most in about four years while Taikoo Shing in Quarry Bay reported five transactions.

However, South Horizons in Aberdeen and Metro City in Tseung Kwan O recorded no deals at all.

Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline Property Agency, said homebuyers are speeding up purchases as they fear that prices will rise soon.

Still, some homeowners took a hit on their sales.

A flat at Tsing Yi Garden in Tsing Yi sold for HK$3.85 million after the asking price was reduced by HK$830,000 leaving the seller, who had bought the property for HK$5.65 million in 2018, with a 32 percent or HK$1.8 million loss.

Also, a four-bed luxury home at Kadooria in Ho Man Tin went for HK$77 million with the seller suffering a 9 percent or HK$7.88 million loss, after holding the property for over four-and-a-half years.