Developers were keen to put more homes on the market during the long weekend.
Sun Hung Kai Properties (0016) sold 22 out of 26 units on sale at Ocean Wings in Tseung Kwan O yesterday.
With Wheelock (0020) project Savannah expected to be on sale soon, the focus of the primary market will once again shift to Tseung Kwan O in the coming few weeks.
Sino Land (0083) offloaded 22 units at its Sai Kung project, The Mediterranean, over the weekend, generating about HK$210 million. A top floor 1,549 sellable square feet unit that includes the roof floor and a swimming pool was sold for HK$35.12 million or HK$22,677 per ssf.
Meanwhile on Hong Kong Island, Henderson Land Development (0012) and New World Development (0017) have received around 200 subscriptions for 30 units of The Bohemian House in Sai Ying Pun to be on sale this Wednesday. Ninety units of The Bohemian House were sold on Friday.
Given the uncertainty in the secondary home market, more owners decided to cash in on their properties over the weekend.
The owner of a 885 ssf unit of Sun Hung Kai Properties' the Imperial Cullinan near Olympic Station sold his unit for HK$14.5 million. He suffered an overall loss of around HK$700,000 including agent commissions and stamp duties.
Meanwhile, the owner of a 774 sq ft unit of Park Island in Ma Wan dropped the asking price by HK$300,000 to sell his flat for HK$6.1 million.
The Transport and Housing Bureau said on Friday the potential private housing supply in the coming three to four years could reach a total of 92,000 units, 5,000 more than earlier estimate.
Research by Savills, a global real estate service provider, shows that Hong Kong ranks third in the total cost per employee of renting living and working space per year. London came first incurring about HK$919,840, New York was second (HK$899,604) and then Hong Kong (HK$841,186).
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