New homes squeeze secondary sales

Staff reporter

Hong Kong's secondary market saw a decline over the first weekend following the release of the budget, with new home sales dominating the sector.

The number of deals across the 10 blue-chip housing estates fell by 50 percent to six over the past weekend, hitting a four-week low, according to Centaline Property Agency.

Squeezed by new projects with competitive pricing and options, the number of estates with no transactions also increased to seven, Centaline said.

Around 400 new homes were sold in the primary market last Saturday, delivering a strong performance, said Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline.

Among them, Henderson Land's (0012) Eight Southpark in Kowloon City sold all 181 flats in the first round of sales on Saturday, cashing in over HK$960 million.

In Sha Tin,The Arles, developed by Centralcon Properties, sold four flats over the weekend for more than HK$45.27 million.

Meanwhile, more new flats are set to enter the market.

Kerry Properties (0683) has revealed a fifth price list for Hava in Yuen Long, offering 120 flats at an average price of HK$12,923 per square foot after discounts, 21.2 percent higher than the first list.

In Ap Lei Chau, Wang On Properties' (1243) Coasto unveiled the third price list, offering the remaining 25 flats at an average price of HK$20,737 per sq ft after discounts, 21 percent higher than the first list.

In Tin Shui Wai, Yoho West Parkside, developed by Sun Hung Kai Properties (0016) and MTR Corp (0066), is set to launch its first round of sales on Wednesday with 128 flats.

Of the total, 119 flats will be available for sale via price lists, with an average price of HK$11,103 per sq ft after discounts. On the same day, nine flats will be sold via tender.