Weekend sales hit 8-year high as Covid curbs eased

Business | Kevin Xu 22 Feb 2021

Centaline Property Agency reported 37 secondary transactions at ten blue-chip housing estates over the past weekend, the highest since January 2013, as the housing market rebounded sharply following the relaxation of social-distancing measures.

A 922-sq-ft flat at Tai Koo Shing in Quarry Bay changed hands for HK$16 million, or HK$17,354 per sq ft, after HK$1.5 million was slashed from the original asking price. The vendor, who bought the unit for HK$5.3 million, will gain HK$10.7 million after holding the property for 12 years.

A 412-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok fetched HK$6.3 million, or HK$15,291 per sq ft, after HK$300,000 was cut from the initial asking price. The seller will gain HK$1.57 million after holding the unit for six years.

In the primary market, Wheelock Properties received 300 checks for 68 units in the first price list of Grande Monaco in Kai Tak, for 3.4 times oversubscribed.

The developer previously released 68 units in the first price list of Grande Monaco, at an average price of HK$23,795 per sq ft after discounts, about 5 percent higher than the first price list of the phase 1 of Monaco development.

The units measure between 351 sq ft and 961 sq ft. The cheapest unit, measuring 351 sq ft, is offered at HK$7.66 million.

In the commercial property market, shop premise transactions went up by 5.8 percent month-on-month to 127 in January, while total considerations declined by 22.7 percent to HK$2.36 billion, according to Midland IC&I (0459).

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