Developers get going on own sell in May act

Property | Eurus Yiu 6 May 2021

The primary market has been bullish, while multiple developers have launched projects in a bid to cash in on May Day holiday interest.

More than 570 units were put up for sale over the past weekend, including flats from SouthLand in Southern district, One Soho in Mong Kok and Regency Bay II in Tuen Mun.

Located right above Wong Chuk Hang MTR station, SouthLand started its sales on May 1, with 250 units put on the market - the most of all projects for that day.

Coming in second was One Soho also opened 168 units for sale, ranking second on the day.

Driven by the launch of the three new projects, 419 units were sold on the first-hand market on Saturday. SouthLand, One Soho and Regency Bay recorded a total of 379 units sold.

With the pandemic remaining a worry and some top projects postponed to this month, primary market transaction volume slowed slightly last month.

A total of 774 unit sales were recorded, a decrease of about 36 percent.

Sun Hung Kai Properties (0016) sold 189 units, mainly from the Regency Bay II project in Tuen Mun.

Regency Bay II sold 126 units, followed by St Martin in Pak Shek Kok, Tai Po and St Michel in Sha Tin, which sold 17 and 14 units, respectively.

Evergrande (3333) sold 76 units, ranking second among the property developers.

The sales were mainly from its Emerald Bay project in Tuen Mun.

About 70 units were sold during the month.

Its Cheung Sha Wan project, The Vertex, sold six units.

Henderson Land (0012) sold 55 units. AquilaSquare Mile in Mong Kok sold 21 units, Two.Artlane in Sai Ying Pun sold nine units and Eden Manor in Fan Ling sold seven units.

In addition, Wheelock Properties sold 54 units. Of these, Grand Monaco in Kai Tak sold 32 units. Tseung Kwan O's Lohas Park Marini series and Koko Hills in Lam Tin sold eight units each.

Qfang managing director Vincent Chan Kwan-hing said that a drop in first-hand trading volume in April was normal.

He said that some developers have delayed the launches of featured projects to boost sales during the holiday in early May.

Dave Ma, chief operating officer and director of Kowloon at Hong Kong Property, said the first-hand market dominated transactions during the first three months of this year, and many featured projects started their promotions in mid-to-late April.

Ma said many first-hand properties were not able to launch sales in March, resulting in a drop in first-hand trading volume in April.

He said he expects that buyers will be active in May and that first-hand trading volume will rise sharply as a result.

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