Flat-sellers turn to price-cutting tactics
Finance | Kevin Xu 16 Aug 2019In a sign of tough times, the secondary homes market is recording price cuts and loss-making sales.
A 286-square-foot flat at the Victoria Harbour development in North Point has been listed for sale at HK$9.5 million. That is 12 percent less than what the buyer-turned seller paid for it 12 months ago.
There was HK$1.8 million slashed from the first asking price in June, which means the vendor is in line to lose nearly HK$2.7 million after paying stamp duties and commission fees if the flat is sold.
Another flat of the same size in the same block had changed hands for HK$11.7 million in April.
Over at Chelsea Heights in Tuen Mun, a 511-sq-ft flat was sold for HK$6.52 million, or HK$12,759 per sq ft. That followed HK$980,000 being slashed from the original asking price.
But even then the selling price was 2.47 times higher than what the vendor had paid for the property 11 years ago.
In the primary market, Henderson Land Development (0012) launched 20 flats in the sixth batch of sales at The Addition in Cheung Sha Wan.
The flats are being offered at an average price of HK$22,651 per sq ft after discounts. That is 8.8 percent more than the average per sq ft price of the first sales list in March.




