Secondary sales edge up as more new homes rolled out

Gordon Yang

Hong Kong's secondary home sales picked up slightly over the weekend even as new projects like Le Mont released more flats on the market.

The number of deals across the 10 blue-chip housing estates rose to seven over the weekend, an increase of one compared to the previous week, according to Centaline Property Agency.

And, the number of estates with no transactions fell to six, Centaline said.

Around 200 new homes were expected to sell in the primary market during the weekend, said Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline.

However, the market for new homes has cooled significantly.

Just two weeks ago on Saturday, the first weekend following the budget address, the primary market saw 400 new homes sold in a single day.

In the primary market, Vanke Hong Kong unveiled the second price list for the first phase of its Le Mont property in Tai Po, with 41 flats offered at an average discounted price of HK$11,311 per square foot, 5.8 percent higher than the first price list.

Over 1,800 checks were received for 122 units on its first and second price lists, making the project 14.8 times oversubscribed as of yesterday.

In Tin Shui Wai, Yoho West Parkside, developed by Sun Hung Kai Properties (0016) and MTR (0066), launched a second round of sales, involving 172 units.

Around 166 flats were sold during its second sale round as of 7.45pm yesterday.

In Kowloon City, Henderson Land Development's (0012) Eight Southpark launched its fourth price list yesterday, offering 32 flats at an average discounted price of HK$ 20,515 per sq ft, the same with the previous list.

Meanwhile, 20 flats will be launched for sale on Thursday.

Elsewhere, New World Development's (0017) State Pavilia residential project in North Point sold six more flats over the weekend.