Developers cash in as demand picks up

Finance | Kevin Xu 23 Sep 2019

Developers are accelerating the launch of new homes in response to demand, with the secondary market also picking up.

Sun Hung Kai Properties (0016) is set to launch 352 flats at Cullinan West III above Nam Cheong MTR station on Thursday, though the show flats were closed yesterday due to protests.

The developer released 293 flats as the third price list last Friday, offered at an average of HK$24,957 per sq ft after discount.

Billion Development and Project Management meanwhile sold 150 out of 172 units at The Aurora in Tsuen Wan as of 2pm yesterday.

Meanwhile, a 128-sq-ft studio at T-Plus in Tuen Mun was rented for HK$6,000 per month, hitting a new low for the estate, according to Midland Realty.

There were also two cases of forfeited deposits of HK$484,000 and HK$386,500 after purchases of two flats at Lohas Park Phase IXB Grand Marini in Tseung Kwan O were canceled.

The HK$484,000 forfeiture was for a three-bedroom unit that the buyer had agreed to purchase for HK$9.68 million this month while the HK$386,500 forfeiture was related to a 500-sq-ft flat priced at HK$7.73 million.

In the secondary market, Centaline Property Agency reported 14 transactions in the 10 major housing estates over the weekend, 40 percent higher than last week and a three-week high.

With several new projects hitting the market recently, prospective buyers who failed to purchase units in the primary market have returned to the secondary market, stimulating second-hand transactions, Ricacorp chief executive Willy Liu Wai-keung said.

He added that housing demand remains strong despite the ongoing social movements, while homeowners are willing to cut prices to facilitate transactions.



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