New project launches dent secondary home sales

Business | Kevin Xu 6 Jul 2020

Centaline Property Agency reported 10 secondary transactions at ten blue-chip housing estates over the past weekend, down by 33.3 percent from a week before, as new projects are luring home buyers away.

The estates that saw no transactions include South Horizons in Ap Lei Chau, Laguna City in Kwun Tong, Whampoa Garden in Hung Hom, and Metro City in Tseung Kwan O.

In Tseung Kwan O, a 642-sq-ft flat at Metro Town changed hands for HK$10 million, or HK$15,576 per sq ft, after HK$1 million was cut from the initial asking price.

There were about 300 primary transactions in the first four days this month, said Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property Agency.

In the primary market, CK Asset (1113) sold 189 out of 336 units on offer at Sea to Sky in Lohas Park on Saturday, and K Wah International (0173) sold 27 out of 206 flats at K Summit in Kai Tak on Saturday.

Wheelock Properties, meanwhile, released 80 flats in the second price list of Koko Hills in Lam Tin, at an average HK$20,933 per sq ft after discounts. The cheapest 366-sq-ft flat was priced at HK$7.93 million, or HK$21,680 per sq ft after discounts.

The first two price lists were 2.7 times oversubscribed, with Wheelock Properties receiving about 600 checks for the 163 flats offered in the lists. The developer will release the sales arrangement for the units shortly.

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