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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11718 1.21%   (last month:$11862)
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More Transactions of HOS at High Prices Appear Driven by Rigid Demand. Apartment in Tung Yuk Court Becomes Green Form HOS House King with the Transaction Price of HKD9 Million.

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Hong Kong Wen Wei Po (By Lai ChiTin) Although the global economic outlook is uncertain, but Hong Kong property market is still boom driven by rigid demand, and HOS market records transactions at high prices in successive because the cheapest prices are low. Among them, HOS Tung Yuk Court in Shau Kei Wan recorded a transaction of three-bedroom flat on high floor at HKD9 million in the second market recently, and it is the first HOS flat up to HKD9 million in Hong Kong before land premium, also it becomes the Hong Kong HOS house king in Green Form.

According to the Hong Kong Housing Authority, there are 16 transactions of public and HOS houses before land premium were recorded in the second market in July, 7 more than in the same period in June, an increase of about 77.8%. Among them, middle floor unit of HOS project Tung Yuk Court in Shau Kei Wan with usable area of 650 sq ft was sold at HKD9 million in the second HOS market this month, being the most expensive HOS house before land premium in Hong Kong, and the sq ft price of HKD13,846 is the historical peak.

Market source points out that, the new house king is a three-bedroom flat on middle floor in Block A, which had been put on sale at HKD9.08 million, but it was finally sold with price cut of HKD0.08 million after about two months. It is reported that, a high-rise flat of same project was sold for HKD8.93 million in May last year, which was the highest record, and the new house king pushed the record up by another HKD0.07 million this time.

Two-bedroom flat of HONG LAM COURT was sold without price negotiation.
The trading in HOS market continues in recent days, and buyer purchased favorite flat without price negotiation. Woo ChungShun from Century21 Goodwin expresses, the company has recorded transaction in HONG LAM COURT recently, and it is high floor room 08 in Shan Lam House (block A) in layout of two-bedroom with usable area of 401 sq ft. It was sold to the buyer for HKD5.3 million without price negotiation after being on sale for one month, and the usable area sq ft price is HKD13,217.

The trading of public house accelerates. Prospective newlyweds buy immediately after visiting high-quality house. The Regional Manager of Century 21 Sunrise Property, Chen SaiMan expresses, they recently recorded a transaction of middle floor room 10 in block G of Sui Wo Court in Fo Tan, which is two-bedroom and in usable area of 411 sq ft. The original owner asked for HKD4.8 million for four months, and sold it to prospective newlyweds at HKD4.7 million after visiting with cumulatively price cut of HKD0.1 million or 2.1%, leading the usable area sq ft price to HKD11,436, which is the market price.

Chen SaiMan said, the original owner had purchased this flat at HKD1.78 million earlier in 2012, and earned book profit of HKD2.92 million after holding for 7 years, an appreciation of more than 16 times in the period.

In addition, there is also record of public house transaction. Ngai ShinLeung from Century 21 Sunrise Property (Tseung Kwan O) expresses, there is a newly recorded transaction in King Lam Estate, Tseung Kwan O, and it is a middle floor room 02 in King Tao House in layout of two-bedroom with the usable area in 443 sq ft, viewing inside garden. This flat was put on sale in November last year with an original price of HKD3.18 million, then was bought by HOS white form buyer in second market at HKD2.97 million with price cut of HKD0.21 million or 6.6%, and the usable area sq ft price was HKD6,704.

White form HOS house of King Lam Estate was sold at HKD2.97 million in second market.

It is known that, the original owner purchased the above unit for HKD0.172 million (before land premium) in May 2001, and earned book profit of HKD2.798 million after holding for 18 years, an appreciation of more than 16.2 times in the period.

Translated by 28Hse.com . All right reserved.