Home sales buoyant amid fears over new Covid wave

Hong Kong's property market remained resilient over the past weekend despite growing fears of the fifth wave of Covid-19 infections.

Secondary transactions at 10 major estates rose by 22 percent week-on-week, while the per-square-foot price of a flat at City One Shatin hit a new high at the estate.

Centaline Property Agency reported 27 secondary deals at 10 blue-chip housing estates over the past weekend, up by 22 percent from a week ago. Only Kornhill in Quarry Bay saw no transactions, according to the real estate agent.

A 284-sq-ft flat at City One Shatin in Sha Tin fetched HK$6.16 million, or HK$21,690 per sq ft, a new high at the estate, according to Midland Realty. The seller, who bought the property for HK$4.3 million in 2016, will make a capital gain of HK$1.86 million.

In Quarry Bay, a 593-sq-ft flat at Tai Koo Shing fetched HK$10.8 million, or HK$18,212 per sq ft.

In Kwun Tong, a 517-sq-ft flat at Laguna City changed hands for HK$8.28 million, or HK$16,015 per sq ft. The vendor will earn HK$6.18 million after holding the property for 20 years.

In the primary market, the sales brochure for Grand Victoria phase three in West Kowloon has been released, which offers 388 units measuring between 256 sq ft and 1,611 sq ft.

The property in Cheung Sha Wan is being developed by Wheelock Properties, Sino Land (0083), K Wah International (0173), Shimao (0813) and SEA Holdings (0251).

The developers will offer 108 units at Grand Victoria phase one for sale on Wednesday.

The cheapest unit, measuring 298 sq ft, will be offered at HK$7.31 million, or HK$24,534 per sq ft after discounts.

On Saturday, 202 out of 227 units on offer at Grand Victoria phase one were sold.

The developers released 88 units in the fourth price list of phase one at an average price of HK$26,463 per sq ft after discounts, about 7.4 percent higher than the first price list.