Homeowners eye rentals over sales

Business | Kevin Xu 21 Feb 2020

The sluggish sentiment in the local property market saw no sign of abating amid the spreading coronavirus, as more loss-making sales have been recorded and some homeowners are opting to rent instead of sell.

A 375-square-foot flat at One Kai Tak changed hands for HK$7.65 million, or HK$20,400 per sq ft, after HK$2.15 million was cut from the original asking price.

The selling price was about HK$80,000 lower than the owner's purchasing price of HK$7.73 million three years ago, incurring a loss of nearly HK$450,000 after paying commission fees and stamp duties.

This came as Phase I of the Tuen Ma Line, which connects the new Kai Tak station with Tai Wai, opened last week.

Meanwhile, the Ho family from the local manufacturing industry launched eight flats at East 17 in Shau Kei Wan. The rent for the first batch will be between HK$20,500 and HK$29,500 per month, or HK$56 to HK$59 per sq ft.

In Tseung Kwan O, Centaline Property Agency reported 122 secondary transactions in the area this month. A 458-sq-ft flat at Savannah sold for HK$8.58 million, or HK$18,734 per sq ft.

Also in the secondary market, a 690-sq-ft flat at Rambler Crest in Tsing Yi changed hands for HK$6.45 million, or HK$9,348 per sq ft.

The selling price was HK$2.41 million lower than 2018's asking price of HK$8.86 million.

In Tuen Mun, a 480-sq-ft flat at Blossom Garden fetched HK$5.05 million, after HK$950,000 was slashed from the initial asking price.

Also in the area, a 424-sq-ft flat at Parkview Court changed hands for HK$4.95 million, or HK$11,675 per sq ft, after HK$850,000 was cut from the original asking price.

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