Prices and deal numbers rebound

Property | Staff reporter 25 Mar 2021

As weekend property transactions grow, some landlords are gradually narrowing their room for negotiations and several recent deals have been made at market price.

The primary-market transaction volume rebounded by about 9 percent week on week early this month.

Sammy Po Siu-ming, chief executive of Midland Realty's residential division, pointed out that the secondary market had also improved, with the 10 major housing estates recording more than 20 transactions over the past weekends.

Although most deals were made at market prices, Po noted that some buyers were willing to pay more.

Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property Agency, believed that purchasing power was not only concentrated in the blue-chip housing estates, but also in various small and medium-priced estates.

He estimates that the number of secondary-market transactions will reach more than 5,000 this month.

Three units at Taikoo Shing in Quarry Bay were sold during the first weekend this month. Centaline Property said that a 922-square-feet unit at Wisteria Mansion, with three bedrooms and one suite, was sold for HK$17 million, or HK$18,438 per sq ft - about 4 percent below the market price.

City One Shatin also recorded five transactions over the first weekend of the month. Century 21 said a 284-sq-ft two-bedroom unit was purchased for self-occupation at HK$5.45 million after a HK$350,000 discount. The per sq ft price was HK$19,190, which was in line with its market price.

Midland Realty said a 718-sq-ft unit at Mei Foo Sun Chuen phase five, with three bedrooms and one suite, was sold at the market price of HK$9.95 million, or HK$13,858 per sq ft, after pricing in a deduction. The buyer is said to have bought the flat for self-occupation.

In Wan Chai, a 285-sq-ft unit at New Spring Garden Mansion was purchased by an investor for HK$5.25 million, or HK$18,421 per sq ft, according to Century 21.

Hong Kong Property said a 568-sq-ft unit at Residence Oasis in Tseung Kwan O, with two bedrooms and one storeroom, was sold for HK$9.42 million, or HK$16,585 per sq ft.

Many Wells Property noted that a two-bedroom unit at Tuen Mun's Tai Hing Gardens phase two also sold at market price. Purchased by someone from outside the district for self-occupation, the 419-sq-ft flat sold for HK$5.18 million, or HK12,363 per sq ft.

A furnished two-bedroom unit at Waldorf Garden in the same neighborhood, with an area of 410 sq ft, was sold at the market value of HK$5.25 million, or HK$12,805 per sq ft.

In Ma On Shan, a 592-sq-ft unit at Fok On Garden with three bedrooms and two living rooms was sold in the free market at HK$7.18 million, or HK$12,128 per sq ft.

A 1,129-sq-ft three-bedroom unit at Grand Promenade in Sai Wan Ho, with an original asking price of HK$33 million, was sold at HK$31.8 million after negotiation. Its per sq ft price of HK$28,167 was a new high for units of the same floor in the development.

An 844-sq-ft unit at Hop Yick Plaza, Yuen Long, with three suites with a maid's room, was sold for HK$12.22 million, or HK$14,479 per sq ft, after negotiation. Midland Realty believed the transaction was one of the recent highs.

A 447-sq-ft unit at Lok Nga Court in Kowloon Bay was sold for HK$5.1 million, or HK$11,409 per sq ft. Ricacorp Properties said the owner was willing to sell the unit 10 percent lower than the market price as the family plans to immigrate.

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