New homes hit the market as nano flats feel the heat

Technology | Kevin Xu 18 May 2020

Centaline Property Agency recorded 19 secondary transactions at ten major housing estates over the past weekend, down by 13.6 percent week-on-week, as developers continued to launch new home sales in the primary market, while rents of nano flats came under downward pressure.

Laguna City in Kwun Tong and Metro City in Tseung Kwan O recorded no secondary transactions at all.

In Fanling, a 520-sq-ft flat at Fanling Centre changed hands for HK$7.18 million, or HK$13,808 per sq ft, after HK$20,000 was cut from the asking price.

In the primary market, Sun Hung Kai Properties (0016) released 70 flats in the second price list of Wetland Seasons Park Phase 2 in Tin Shui Wai, at an average price of HK$11,779 per sq ft after discounts, 3.6 percent higher than the first price list.

The first two batches of the project have been oversubscribed 8.5 times with around 2,000 checks received for 210 units.

Meanwhile, around 2,000 prospective buyers for AquilaSquare Mile in Tai Kok Tsui, visited the project's show flats located in Central, between Friday and yesterday.

And in Yuen Long, Road King Infrastructure (1098) sold 11 flats at Crescent Green over the past three days.

Centaline Property Agency expects the number of primary transactions to hit 2,000 this month.

But there were also two cases of forfeited deposits of around HK$220,000 and HK$300,000 after purchases of two flats at Emerald Bay in Tuen Mun were canceled.

The HK$220,000 forfeiture involved the would-be purchase of a 229-sq-ft studio flat at Emerald Bay Phase 1, which was priced at HK$4.37 million. The HK$300,000 forfeiture related to a 372-sq-ft flat at Emerald Bay Phase 2 that the purchaser had agreed to buy this month for HK$5.95 million.

In the rentals market, rents of micro flats came under downward pressure. A 166-sq-ft studio at AVA 55 in Kowloon City was rented for only HK$8,000 a month, or HK$48 per sq ft.

And in Pak Shek Kok, a 248-sq-ft studio flat at Solaria was let for only HK$8,900 last month, or HK$36 per sq ft, after HK$2,100 was cut from the asking price. The rental yield was only 2.1 percent per annum, as the owner purchased the unit for HK$5.15 million in 2018.

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