Secondary home deals pick up over weekend

Gordon Yang

Hong Kong's second-hand property market saw eight transactions over the first weekend after the Chinese New Year holiday - an eight week high - as developers raced to sell new homes at deep discounts.

The market had recorded no deals at 10 major housing estates over the previous weekend, according to Centaline.

The secondary market is now picking up, said Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline.

In the primary market, State Pavilia rolled out a second price list of 55 flats and raised their average price by 2.4 percent to HK$18,998 per square foot after discounts.

The newly launched flats include 44 two-bedroom apartments and 11 one-bedroom apartments, most of which are on middle and high floors.

The high-end residential project within New World Development's (0017) redevelopment of the State Theatre in North Point received over 2,850 checks on its first day of sales yesterday, exceeding the 143 flats offered in the first two price lists by more than 19 times.

State Pavilia's first price list featured prices that are up to 25 percent cheaper than nearby new projects.

The cheapest flats in the first price list were two-bedroom units priced as low as at HK$16,888 per sq ft after discounts.

In Tuen Mun, The Reserve, developed by Early Light International Estates, sold eight flats for a total of HK$50 million over Friday and Saturday.

The second phase of Gold Coast Bay has sold 284 flats since the launch of sales, cashing in over HK$1 billion.

In Yuen Long, High Park II, developed by Asia Standard International (0129), sold 32 flats worth HK$148.56 million after rolling out 98 flats at an average price of HK$10,573 per sq ft after discounts.

The project has so far sold 682 flats, generating around HK$3.32 billion.

In Kai Tak, KT Marina, co-developed by K Wah International (0173), Wheelock Properties and China Overseas Land and Investment (0688), recorded three deals over the weekend, generating approximately HK$22.94 million.

Also in Kai Tak, Wheelock Properties's Monaco Marine sold one flat for HK$11.6 million.

The Monaco series has sold 1,599 flats so far, cashing in nearly HK$20.5 billion for the developer.

In Lohas Park, Park Seasons sold one unit for HK$478.3 million over the weekend.

Developed by Wheelock Properties, the project has sold 1,013 flats since its launch in March last year, generating over HK$6.3 billion.

And in Ho Man Tin, 128 Waterloo, jointly developed by Top Spring International (3688) and Chun Wo Development, sold a four-bedroom flat yesterday for approximately HK$45.7 million.