Used home market drops 40pc

Business | Samantha Wong 9 Apr 2018

Transactions in the secondary housing market plunged more than 40 percent on the weekend compared to the previous weekend, following growing fears over a looming trade war between China and the United States, as well as volatility in global stock markets, property agents said yesterday.

Centaline Property reported only nine transactions in the 10 local major housing estates that it tracks, down from 16 deals the weekend before.

Louis Chan Wing-kit, residential chief executive at Centaline Property Asia-Pacific, said the mood of some buyers and sellers has been dampened by the US Federal Reserve's interest rate hike, amid trade war concerns.

Therefore, some buyers have become more cautious, while others have adopted a wait-and-see stance, he added.

Of the nine transactions, two were reported in the South Horizons in Ap Lei Chau, with an average per saleable square foot price at HK$16,635. One of deals involved a 633 ssf home that changed hands for HK$10.8 million, or HK$17,062 per ssf.

Kingswood Villas in Tin Shui Wai also reported two deals, at an average price per ssf at HK$10,329. One transaction involved a 578 ssf two-bedroom home that fetched HK$5.26 million, or HK$11,927 per ssf.

One sale was reported in Taikoo Shing at HK$19,716 per ssf. Metro City in Tseung Kwan O saw one deal at HK$18,544 per ssf, while

Mei Foo Sun Chuen in Lai Chi Kok recorded a transaction HK$14,833 per ssf.

Elsewhere, a flat changed hands at Caribbean Coast in Tung Chung for HK$11,545 per ssf, and a 447 ssf three-bedroom in City One Shatin fetched HK$7.45 million, or HK$16,667 per ssf.

In the rental market, a two-bedroom home in The Beachside in Repulse Bay rented out recently for HK$50,000 a month, or about HK$58 per ssf. The owner bought the 857 ssf home for HK$18.8 million in 2009.

In Tai Wai, a four-bedroom home in phase three of Festival City was rented out for HK$39,000 month, or about HK$37 per ssf. The owner bought the 1,043 ssf home for HK$12.23 million in 2012.

In the primary market, a case of deposit forfeiture was recorded at K&K Property's Victoria Skye project in Kai Tak.

Rather than completing the purchase, a buyer forfeited HK$1.28 million, or 5 percent deposit on a 886 ssf flat that was priced at about HK$25.7 million.

Meanwhile, Grand Ming Group (1271) recently sold a three-bedroom 1,304 ssf home at Cristallo by tender for about HK$48 million, or HK$36,900 per ssf. It was the first deal at the Ho Man Tin development.

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