Brisk demand for flats in the Northern Metropolis

Market demand for new homes was robust over the weekend with Sun Hung Kai Properties (0016) receiving over 500 checks for 50 flats at Park Yoho Bologna in Yuen Long and Henderson Land's (0012) One Innovale-Cabanna in Fan Ling also oversubscribed.

The two projects in the Northern Metropolis are the first to launch sales after the policy address on Wednesday, and cheap deals for the Fan Ling flats also spurred demand.

After receiving 500 checks for the first list, SHKP released a second price list of 20 flats Park Yoho Bologna flats, keeping the prices unchanged, and adding that the show units attracted a lot of visitors on weekends.

The 20 flats range from studios to three-bedroom units with areas of 279 to 609 square feet, and are priced from HK$4.03 million to HK$8.26 million after discounts, or HK$13,043 to HK$14,510 per foot.

As the flats are ready of occupation, the project attracted prospective buyers wanting a place to move into, Centaline Property said.

Meanwhile, Henderson Land said its first price list of 113 flats at One Innovale-Cabanna - the third phase of One Innovale - was one time oversubscribed. It was the first new project offered for sale after the policy address, with an average price of HK$14,088 per square foot after discounts. Midland Realty said the project attracted a lot of buyers with prices starting as low as HK$2.76 million, the lowest among the three phases of One Innovale.

In the secondary market, Centaline Property recorded 12 transactions at 10 major housing estates on weekends, up 33.3 percent week-on-week.

Meanwhile, in the commercial market, shop transactions slumped 38.7 percent monthly to HK$977 million in September while the number of transactions dropped for the third straight month by about 10.1 percent month-on-month to 80, according to Midland IC&I and the Land Registry.

The company says that the short-term market outlook is still affected by the border reopening arrangements and anti-pandemic measures in the mainland.

There was only one transaction worth more than HK$100 million, for the entire 26th floor of the Emperor Watch And Jewellery Centre in Causeway Bay at HK$130 million.

In other news, the mortgage-related one-month Hong Kong interbank offered rate rose to 2.95643 percent last Friday.