Primary home sales turned lackluster despite discounts during the long holiday while the secondary market almost froze.
Wheelock (0020) put 74 units of One Homantin on sale yesterday but managed to sell just 11 apartments even though it was offering discounts of up to 8 percent. After the reductions, the average per square foot price for the units stood at HK$18,793.
Louis Chan Wing-kit, residential chief of Centaline Property Agency, said it is no longer possible to sell new flats within a short period of time and may take up to a year for the market to digest a new project.
In the heated home market of last year, flats at new projects were sold at a much faster pace. For example, all units at Peninsula East were sold in two days last April while Capri was 97 percent sold on its launch day last November. Both projects were undertaken by Wheelock
As for the recent break, new mass- market units fared better than luxury flats. Ocean Wings in Tseung Kwan O, a Sun Hung Kai Properties (0016) project, sold more than 90 percent of the first batch that came to the market on Sunday, SHKP deputy managing director Victor Lui Ting said.
Another 82 units will be launched with 12 coming to the market tomorrow. SHKP also plans to launch another 45 units at phase two of Ultima on Friday. About 90 percent of the units in the last batch was sold, it said.
Meanwhile, the secondary home market was quiet over the weekend. Property agencies Centaline and Midland saw the number of deals declining at major housing estates.
They believe this comes after most of the cheap homes in the market were already sold.
A unit at Tai Koo Shing was sold yesterday at 20 percent below the bank's valuation. The price of the 1,015-sq-ft flat had been slashed by almost 30 percent in the past six months from HK$21.80 million to HK$15.98 million, or HK$15,700 psf.
Valuations of the unit varied between HK$17.75 million and HK$20 million.