Security law fails to dent homes market

Business | Avery Chen 1 Jun 2020

Second-hand property transactions rose over 20 percent week-on-week over the weekend while local landlords keep launching new projects, showing the national security legislation's impact has not yet been reflected on Hong Kong's homes market.

Centaline Property Agency reported 11 deals at the major ten major housing estates over the past weekend, rising 22 percent from a week earlier.

The agency said a 524-sq-ft flat in Kornhill at Eastern District sold for HK$9.7 million recently, or HK$18,511 per sq ft, the highest record for a two-room unit in the project.

Although there are around 350 transactions in the primary market at the weekend, which put pressure on the second-hand sale, the market sentiment still showed new national security law has had a limited impact on the local housing market, said Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property Agency.

In the primary market, Wing Tai Properties (0369) sold 14 out of 88 units in the third batch of OMA by the Sea in Tuen Mun as of yesterday afternoon, with two penthouses sold by tender. The developer is considering slash discount as a short-term sales target has been achieved after selling 286 units in the project.

Meanwhile, Sun Hung Kai Properties (0016) released the six price list of Wetland Seasons Park phase two in Tin Shui Wai, involving 118 flats with an average price of HK$12,920, about one to five percent more expansive than the previous price list. The batch is expected to be launched as soon as Saturday with a minimum investment of HK$4.04 million, mainly covering one-to-four-room units.

SHKP has sold 290 out of 298 units in the Wetland Seasons Park project on the weekend and is planning to put the Hoi Wong Road project for sale in late June, offering 669 units.

Separately, Hanison Construction (0896) said it has sold 61 units in West Park in Sham Shui Po, pocketing HK$470 million. And Wheelock Properties (Hong Kong) said it had sold 1,588 out of 1,600 units in Malibu or Lohas Park phase 5A, cashing out over HK$14.85 billion.

In the commercial property market, major 50 grade A office buildings saw 13 transactions last month, back to the double-digit level for the first time in ten months, as commercial activities gradually resumed and some property owners are more willing to cut price and divest, according to Midland IC&I (0459).

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