Property deals rise to four-month high

Staff reporter

Hong Kong recorded 6,661 property transactions in March, up 54.7 percent from February and 32.9 percent year-on-year, hitting a four-month high, according to Land Registry data.

Among the agreements, 5,367 were for residential units, surging 67.7 percent from February and climbing 35.2 percent year-on-year.

The total value of residential homes sold was HK$38.8 billion, up 68.7 percent from February and 29.1 percent higher than a year earlier.

Total sales for all building units was HK$45.6 billion, a 61.4 percent increase from February and a 22.1 percent rise year-on-year.

In the primary market, phase 1A (2) of Sun Hung Kai Properties's (0016) massive Sai Sha project, Sierra Sea, may open show flats over the Easter holidays.

SHKP's real estate agency general manager Andy Chan Hon-lun said the project is expected to receive presale consent today or tomorrow, after which the group will upload the project's sales brochure and announce pricing.

In other news, the government is actively exploring measures, including "pay for what you build," to accelerate the development of the Northern Metropolis, says Secretary for Development Bernadette Linn Hon-ho.

The initiative will allow tailor-made lease modifications so that the land premium payable for the development will be assessed according to the company's proposed land uses of the site, Linn said.

This approach aims to align land premiums with business intentions, preventing valuation discrepancies, she said.