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Hong Kong Property Market - Yr.2019 Feb: Average price per sq feet $10979 5.87%   (last month:$10370)
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600 Units In The First Hand Property Market Were Sold In Two Days; The Best Performance In Ten Months.

Image Caption
2019-01-21-(Mon)
【28Hse.com】  
3900 units are planed to be launched around the Spring Festival; It is expected lower property price policy will continue.

Hong Kong Wen Wei Po (By Cai Jingwen)

The first hand property market is booming. The Carmel in Tuen Mun put on sale the first batch of 118 units yesterday and 108 units among had been sold until 19:00 last night, after 492 stock units were sold in the day before yesterday from The Regent in Tai Po, Downtown38 in Ma Tau Kok and other first hand property projects. The first hand property transactions were up to 600 cases on weekend, the best performance on weekend after the March 2018. The sales of new projects is ideal recently, while the supply is also more and more. At lease 7 new projects including nearly 3,900 units will be launched around the Spring Festival, testing the purchasing force, and the industry expected developers will maintain sales policy of low price to stimulate purchasing power.

The first hand property market appeared booming during the past weekend (19th and 20th January). China Overseas’ The Regent in Tai Po and Sun hung kai’s Downtown38 in Ma Tau Kok launched 486 units and 155 units on Saturday respectively, with 322 units and 155 units respectively were sold on the same day ; On Sunday, Wing Tai’s The Carmelin Tuen Mun launched the first batch of 118 units and 108 among had been sold until 19:00pm last night.
600 units of first hand property were sold on weekend plus with the sales of the stock from other first hand projects, which is the best performance on weekend after the March 2018. As for the last best performance weekend, it was 10th-11th March 2018 when Wheelock selling 750 units from MALIBU in Tseung Kwan O and about 800 cases of first hand property transactions were made during that weekend in total plus with sales from other new projects.

Low price policy to stimulate purchasing power.

The Carmel put on sale 118 floor style units yesterday with 108 among sold, taking more than 90% of the salable units, and the usable areas sq ft prices were from HKD 9,488 to HKD 13,408, leading sale prices from HKD 3.32 million to HKD 10.767 million; Most buyers are users including many house changing customers and young persons, about 80% among are from Tsuen Wan, Castle Peak Road and Tuen Mun, also there are about 20% coming from Kowloon and Hong Kong island, the Executive Director and Director of Sales and Marketing of Wing Tai, Zhong Zhilin expressed. The Carmel has sold 117 units plus with the 9 villas being sold couple days ago, he pointed.

About the sales of new projects recently, since the beginning of the year, developers have been actively launching projects and attracting potential buyers by low price, and purchasing power is stimulated, the Chief Executive Officer of Residential Department of Midland believed.

Great customer appeared in The Carmel to grab houses.

The first round sales of The Carmel was ideal, and more than 80% are users while the other are investors according to Midland statistics; Customers from New Territories account for nearly 80%, while buyers from Kowloon and Hong Kong island are about 20%, he pointed. The sale prices in the project are less, attracting young people to buy, accounting for more than 70%, he believed.

There were potential buyer want to buy more than 2 units, and one great family buyer planed to spent more than HKD 15 million to buy 3 units, including 2 units in layout of one-bedroom and 1 unit in layout of two-bedrooms, maybe for self use; And another great customer planed to buy 2 units by more than HKD 10 million, Bu Shaoming expressed.

Most buyers of The Carmel are users, including many first housing customers and Hos customers, the Asia Pacific Vice Chairman and President of Residential Department of Centaline Property, Chen Yongjie pointed. He pointed the layouts of the project are diversification and there are many choices for first housing people. The customer attendance of Centaline was up 80-90%, most of which are from New Territories, and customers from Tuen Mun are the most taking about 50%, while 20% are from Kowloon. Most purchased one unit and great customers are less, while there was registration that one or two groups of customers interested in buying two units. He predicted developers will take this advantage to additional launch before the Spring Festival, and mark up of 3%-5% will be acceptable.

The first hand property transactions in this month estimated to 2,000 cases.

The property market is obviously improved this month, and good news show up following the trade war detente between China and us, US postponing hike interest rates and so on, plus with the limited pricing of first hand property, property market is drove to stable, Chen Yongjie expressed. There were 3 new projects being put on sale on the past weekend, with nearly 1,400 cases were registered until yesterday, and it is expected the whole month will up to 2,000 cases.

Translated by 28Hse.com . All right reserved.