Bargain prices boost secondary sales

Business | Kevin Xu 23 Mar 2020

Lower home prices tempted bargain-hunters back to the market despite the coronavirus pandemic, with transactions at blue-chip estates doubling over the weekend.

Centaline Property Agency reported 17 transactions at ten major housing estates over the past weekend, up by 113 percent from a week before.

This came as Hong Kong recorded 48 new coronavirus cases on March 20, the biggest daily tally since testing began.

However, Tai Koo Shing in Quarry Bay and Laguna City in Kwun Tong saw no secondary transactions.

Among secondary transactions, a 718-sq-ft flat at Sceneway Garden in Lam Tin changed hands for HK$11.95 million, or HK$16,643 per sq ft, after HK$2.55 million was rubbed off the asking price.

In Tai Po, a 1,606-sq-ft luxury house at The Beverly Hills fetched HK$15.3 million, or HK$9,527 per sq ft. The vendor will incur a loss of around HK$2 million after paying commission fees and stamp duties.

In Tin Shui Wai, a 550-sq-ft flat at Kingswood Villas changed hands for HK$5.38 million, or HK$9,782 per sq ft, after HK$620,000 was slashed from the asking price.

And in Tsuen Wan, a two-bedroom flat at Allway Gardens sold for HK$4.55 million, or HK$10,436 per sq ft, after HK$50,000 was cut from the asking price.

In the rentals market, a 1,668-sq-ft flat at The Aria in Ngau Chi Wan was rented for HK$46,500 per month, or HK$27.9 per sq ft, after HK$9,500 or 17 percent was cut from the initial asking fee.

Meanwhile, a 420-sq-ft flat at The Arch at Kowloon Station was rented for HK$20,000 per month, or HK$47.6 per sq ft.

In the primary market, prospective buyers have been pulling out of deals over fears of price declines sparked by the outbreak, with 28 forfeiture cases recorded so far this month, according to reports.

A buyer forfeited a deposit of around HK$190,000 after calling off the purchase of a 223-sq-ft flat at Emerald Bay Phase 2 in Tuen Mun, priced at HK$3.75 million.

Another forfeiture came at Seaside Sonata in Sham Shui Po where a deposit of some HK$784,000 was given up after a prospective buyer backed out of the purchase of a 695-sq-ft flat that was offered at HK$15.68 million, or HK$22,558 per sq ft.

Elsewhere, Wheelock Properties sold 68 out of 102 flats on offer at Ocean Marini in Lohas Park on Saturday.

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