Covid-19 spike fails to dent property market

Business | Kevin Xu 13 Jul 2020

Hong Kong's homebuyers seem to have shrugged off worries over the Covid-19 resurgence, as Wheelock Properties sold 85 out of 165 flats on offer at Koko Hills in Cha Kwo Ling on Saturday, and secondary market transactions at ten major housing estates also surged 40 percent week-on-week over the weekend.

But Wheelock will moderate its launch of new flats in the near term, due to the pandemic, said managing director Ricky Wong Kwong-yiu.

Meanwhile, CK Asset (1113) sold 97 out of its 285 flats offered at Sea To Sky in Tseung Kwan O on Saturday.

In Yuen Long, Road King Infrastructure (1098) sold eight units at Crescent Green last week.

Separately, Hanison Construction (0896) has collected HK$18 million after selling 11 out of 18 car-parking spaces on offer at West Park in Sham Shui Po.

In the commercial market, real estate investor Francis Law Sau-fai purchased a street shop at Peony House from Bridgeway Prime Shop Fund Management for HK$14.8 million, after slashing HK$4 million from the asking price.

Bridgeway made a gain of HK$2.8 million on paper as it purchased the premise for HK$12 million in May last year. The rental yield would be 2.48 percent for Law as the shop, with a gross floor area of 350 square feet, is currently leased by a fried chicken restaurant for HK$30,666 per month.

In the secondary market, Centaline Property Agency recorded 14 secondary transactions at ten blue-chip housing estates, up by 40 percent week-on-week.

In Quarry Bay, a 593-sq-ft flat at Taikoo Shing changed hands for HK$13.35 million, or HK$22,513 per sq ft, after HK$1.65 million was slashed from the initial asking price.

Another 759-sq-ft flat at the estate fetched HK$17.18 million, or HK$22,635 per sq ft, after HK$1.62 million was cut from the first asking price.

In Tin Shui Wai, a 540-sq-ft flat at Kingswood Villas sold for HK$5.55 million, or HK$10,278 per sq ft.

In Ma On Shan, a two-bedroom flat at Lake Silver changed hands for HK$8 million, or HK$14,519 per sq ft, after HK$950,000 was cut from the initial asking price.

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