Rain fails to dampen homebuyers' spirits

Property sales were brisk over the weekend in Hong Kong despite stormy weather as lower prices at new projects attracted more buyers and prompted sellers of second-hand homes to continue cutting prices.

CSI Properties (0497) said its first batch of 52 flats at Topside Residences was 18 times oversubscribed with nearly 1,000 checks. Prices may be raised for the second batch, which will be released today.

The 52 homes account for about 20 percent of the 259 flats at the project, and are offered at an average price of HK$19,388 per square foot after discounts.

CK Asset (1113), meanwhile, said prices for the remaining flats at Blue Coast, atop Wong Chuk Hang MTR station, may be hiked by up to 10 percent.

Two Blue Coast flats - a 958-sq-ft flat for HK$23.16 million and a 773-sq-ft flat for HK$18.58 million - were sold yesterday.

In Ho Man Tin, the first round of sales for 260 flats at phase IIB of Onmantin sold out on Saturday.

In the secondary market, weekend sales at 10 major housing estates tracked by Centaline Property saw 11 deals, up by 37 percent, reaching a four-week high.

Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property, said developers have shown restraint in pricing and consecutively launched new properties at lower market rates, while secondary homeowners have been willing to offer greater discounts, contributing to a steady upward trend in the overall property market.