Sales jump as HIBOR hits 10-year high

Business | Jeannie Tang 4 Dec 2018

The ten largest Hong Kong private housing estates recorded 11 transactions in the weekend, a 83.3 percent surge from the previous weekend, while the one-month HIBOR rate jumped 0.475 percent points to 1.678 percent from Friday, representing the highest growth for 10 years.

With pressure over the Sino-US trade war alleviated, transactions in the secondary market improved.

Kingswood Villas, which reported six deals over the weekend, was the best performer, followed by City One with three. Taikoo Shing and Metro City recorded one deal each.

However, sellers continued to cut prices. A two-bedroom unit at Lei King Wan in Sai Wan Ho, with an area of 536 sq ft, sold for HK$9.3 million or HK$17,351 per sq ft after the seller cut the asking price by HK$1.5 million.

The seller of a 636-sq-ft unit at Kingswood Villas in Tin Shui Wai reduced the price by HK$1.42 million to HK$5.48 million or HK$8,616 per sq ft from September.

A 399-sq-ft unit in Fanling Town Center took a price cut of HK$1.16 million, selling for HK$4.84 million or HK$12,125 per sq ft.

A two-bedroom flat at Century Link in Tung Chung, which measures 483 sq ft, changed hands at HK$5.9 million or HK$12,215, hitting a half-year record low for two-bedroom units.

The seller had put the property on the market for HK$7 million, reflecting a price reduction of HK$1.1 million for this deal.

A 463-sq-ft flat at Grand Horizon in Tsing Yi traded for HK$6.2 million or HK$13,391 per sq ft after the asking price was cut by HK$1 million, or 13.9 percent.

A 714-sq-ft flat at The Visionary in Tung Chung traded for HK$8.9 million or HK$12,465 per sq ft after taking a price cut of HK$900,000.

Sino Land (0083), cooperating with Chinese Estates Holding (0127) and the Urban Renewal Authority, is set to put its Grand Central project in Kwun Tong on the market having obtained consent to sell.

A Sino Land spokesman said it is a good time to launch the project with the Sino-US trade war was temporarily suspended, and low interest rates in Hong Kong.

The sales brochure and show flats will be revealed as soon as possible, he added.

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