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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11577 2.4%   (last month:$11862)
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313 new houses had been sold on holiday; The Horizon II accounts for 52%.

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Hong Kong Wen Wei Po (By Liang Yueqin)

During three-day holiday of Mother's Day and Buddha's birthday, totally 313 new houses were sold as the warming of the Sino-US trade war, among Billion Development’s The Horizon II in Pak Shek Kok, Tai Po accounted for 52% (about 163 rooms), which put on sale the third batch of 307 rooms yesterday with the sales rate was only 53%, inferior to the first two rounds of sales rate in 74% and 72% respectively.

In the past three days, developers mainly put on sale the stock rooms. For brand new houses, there were only the third batch of 307 rooms from Billion Development’s The Horizon II in Pak Shek Kok, Tai Po, source pointed, this real estate had received about 200 applications, and there were potential buyers and estate agents waiting to register at 9:30 am yesterday in the sales office of Shek Mun, Sha Tin, which was lively, while the sales rate of the whole day was just 53% with about 163 houses were sold, inferior to the first two rounds of sales rate in 74% and 72% respectively. The areas of these 307 rooms The Horizon II put on sale yesterday are 243-1,866 sq ft, and the discounted prices were HKD 4.16-28.48 million, with the discounted sq ft prices at HKD14,004-20,719.

The demand is large than supply, so potential buyers would rather look good to the long-term property market.

One of the buyers, Mrs Nan expressed to spend about HKD5.5 million to buy a one-bedroom flat for own use, who also pointed that she is currently renting a flat in Sha Tin and bought the house for own use because she believes the price of The Horizon II is cheaper than that of the new real estates in the same district. She said that she is not worried about the impact of the Sino-US trade war on the Hong Kong property market, because the demand for housing in Hong Kong is greater than supply, and the property market is expected to be good in the long run.

In addition, Cullinan West II in Nam Cheong Station developed by Sun Hung Kai and MTR, which will be occupied soon, put on sale 9 rooms yesterday. Market source pointed, about 40 groups of customers arrived to select houses, and all houses had been sold until 12:30pm yesterday, two groups big customers among bought 3 houses and one group big customer bought 2 houses, besides the biggest buyer spent over HKD3.2 million to buy three houses.

Kerry yesterday additional launched room A on 7th floor of block 2 in Mont Rouge, Beacon Hill for bidding, which is in usable area of 3,017 sq ft joining a rooftop in 2,111 sq ft, and the application will be closed this Friday.

There is rumor that one house in The Cullinan was sold at sq ft price of over HKD100,000, being the new high among layered residential houses in Kowloon.

In addition, market rumor pointed there was transaction of the second hand luxury house at a large amount. Source pointed, the high-rise room A of The Cullinan on top of Kowloon Station was purchased at HKD200 million, with the sq ft price up to HKD105,152, being the new high sq ft price among layered residential houses in Kowloon.

According to the agent, this house once had been put on sale at HKD230 million, but was sold at HKD200 million, in a price cut of about 13%, leading the sq ft price up to HKD105,152 base on its usable area of 1,902 sq ft, which breaks the record of the highest sq ft price among layered residential houses in Kowloon in last October, that was HKD102,128 for a mansion of MO TIAN GE in The Arch near Kowloon station. The original owner bought the above house at HKD131 million in 2012, and it is appreciated by 53% after being held for about 7 years.

Since there are potential customers from new property market turn to the second hand property market, synthesizing Hong Kong leading real estate agents’ data, Hong Kong ten leading housing projects transactions has returned to double digits in the past weekend, hitting a four-week high.

Potential customers in new property market turn to the second hand property market, increasing the transactions back to level above ten cases.

Centaline ten leading housing projects recorded 12 transactions on May 11th and 12th, increasing 4 cases or 50% by week, and it is the new high in four weeks, City One and Mei Foo Sun Chuen among each recorded 3 cases, accounting the most, while Taikoo Shing recorded 2 cases; Kornhill, South Horizons, Laguna City and Caribbean Coast each recorded 1 case.

However, there were also three estates had zero transactions. A total of 15 transactions were recorded in ten leading housing projects during the three-day holiday.
Translated by 28Hse.com . All right reserved.