Secondary home sales inch up

Staff reporter

Secondary market transactions increased slightly over the weekend with deep price cuts but remained at a single-digit low level.

There were six transactions in 10 major housing estates over the weekend, representing an increase of two transactions or a 50 percent rise compared to the previous week, according to Centaline Property.

Nevertheless, no transactions were recorded at four housing estates, including Kornhill in Quarry Bay, Laguna City in Lam Tin, Metro City in Tseung Kwan O, and City One Shatin in Sha Tin.

Louis Chan Wing-kit, the Asia-Pacific vice-chairman of the residential division at Centaline, mentioned that buyers are primarily those seeking affordable options, and discounted properties are more readily sold.

He anticipates a gradual recovery in the property market but acknowledges that the revival will take time.

A three-bedroom unit spanning 690 square feet at Rambler Crest in Tsing Yi experienced an accumulated price reduction of HK$2.1 million, ultimately selling for HK$7.2 million.

Meanwhile, a three-bedroom home with a size of 593 sq ft at Galaxia in Diamond Hill had its asking price gradually reduced from HK$10.5 million and it was eventually sold for HK$8.8 million over a span of five months.

Market valuations continued to plummet, with a duplex home spanning around 1,437 sq ft at 80 Robinson Road in Mid-levels West, valued at around HK$58.5 million by a bank. The owner had bought the unit for HK$63 million in 2016.

In the primary market, Henderson Land's (0012) The Paddington in Cheung Sha Wan will launch its first batch with 68 flats today.

With 570 checks, the batch was oversubscribed more than seven times. The discounted prices range from HK$3.9 million to HK$9 million.