Transactions dive in October, developers roll out new flats

Themis Qi

The number of home transactions in October slumped 32.6 percent yearly, the Land Registry revealed yesterday.

The news came as developers put more new flats into the market amid the pause in interest rate hikes.

Data from the Land Registry showed there were 2,123 residential property registrations last month, which were also down by 25.8 percent monthly.

The total contract value in October decreased by 9.9 percent yearly to HK$24.5 billion, though it rose by 7.5 percent starting from September.

For all properties including carparks and shops, registered registrations went down 33.9 percent yearly to 2,938 in October, marking a new low for more than seven-and-a-half years.

But with the US Federal Reserve expected to maintain interest rates again in December, local developers are releasing more new homes on the market.

Sun Hung Kai Properties (0016) said it will soon unveil its first price list of units for Yoho West Phase 1 in Tin Shui Wai and will start sales this month. The project offers 1,393 flats in four blocks, with over half being two-bedroom flats.

SHKP said prices will be based on Wetland Season Park, a neighboring project also developed by it, and other projects next to railway stations.

In Sham Shui Po, Henderson Land Development (0012) expects to launch a project on Sai Yeung Choi Street North at the end of this month. Pricing will be based on neighboring projects, such as The Harmonie in Cheung Sha Wan, said the company.

It will provide 492 apartments in total, mainly one-bedroom and two-bedroom units.

Henderson believes now is a good time for buyers to purchase a home, as prices are expected to surge next year when the interest rate cut starts.

Meanwhile, KT Marina 1 in Kai Tak received 1,800 checks for 212 price listed units as of yesterday, marking an oversubscription of 7.5 times, said K Wah International (0173), lead builder of the co-developed project.

The first round of sales featuring 218 flats will start on Saturday.

Emperor International (0163) accepted over 500 checks as of yesterday for 85 flats at South Sky in Aberdeen. It also sold one more special unit for HK$4.59 million yesterday, or HK$18,600 per square foot of saleable area, which means that three special flats were sold within 48 hours.