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Hong Kong Property Market - Yr.2019 Sep: Average price per sq feet $10847 11.34%   (last month:$12235)
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[Property Market under Riot Series] More Price Cuts Appear in the Second Hand Property Market Because Riot Frustrates the Market Confidence.

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2019-08-06-(Tue)
【28Hse.com】  
Hong Kong Wen Wei Po (By Lai ChiTin)

Violence continues to heat up, weakening the confidence in the property market of the various districts, thus the owners have to lower the prices, with some transactions of individual housing estate even at prices of previous level. Some agent discloses, both Kingswood Villas in Tin Shui Wai and Greenland Garden in Tuen Mun recorded houses were sold with price cut in more than 10%; Hong Kong Garden in Castle Peak Road, Sham Tseng recorded one two-bedroom flat was sold at HKD5.38 million which fell back to the level of 2017, with price cut in 8%.

Tse LeiGun from Many Wells expresses, Kingswood Villas in Tin Shui Wai recorded price cut transaction of a two-bedroom flat, which is low floor room E in block 10 of Kenswood Court in usable area of 446 sq ft, and the owner had asked for HKD5.3 million at the end of June and once had increased the price to HKD5.4 million, but cut few times by totally HKD0.55 million or 10.2% in one week to HKD4.85 million to a first housing customer in the same district due to the recent social unrest, with the usable area sq ft price at HKD10,874 that back to the level at the beginning of the year.

Two-bedroom flat in Kingswood Villas was sold with price cut over 10%.

Lam WaiKwong of the same company also discloses, Greenland Garden in Tuen Mun recorded a transaction with large price cut for low floor room 4 in block B with the usable area in 330 sq ft, and the original owner had asked for HKD4.5 million when put on sale it on August 1, then a first housing customer of the same district decided to buy it at HKD4 million for own use seeing the layout is practical and the price is reasonable, leading the usable area sq ft price to HKD12,121. It is reported that the owner cut HKD0.5 million after putting on sale four days and sold it with price cut in about 11%, seeing the market condition was unstable. The original owner purchased it at HKD0.63 million in 2006, making book profit of about HKD3.37 million from the resale.

Hong Kong Garden had transaction at new low price among same style houses.

Che ChiNgai from Centaline Property expresses, there are slashing price cuts in the district under dull market affected by recent social events, and middle floor room E in block 7 of phase 1 of YOHO TOWN in Yuen Long with usable area in 423 sq ft in layout of two-bedroom was sold. The owner had asked for HKD6.7 million, while was willing to cut HKD0.4 million or nearly 6% to sell at HKD6.3 million, with the usable area sq ft price at HKD14,894. The original owner bought the flat for HKD1.8 million in December 2007, and earned book profit of HKD4.5 million after holding for 12 years, with the property appreciation at 2.5 times.

In addition, Tam WingFai from the above company expresses, Hong Kong Garden in Sham Tseng recorded one transaction with price cut for two-room flat, which is low floor two-bedroom room F in block 10 of Hong Kong Garden in usable area of 536 sq ft, and the owner had asked for HKD5.85 million in the middle of June and expanded the bargaining space recently by HKD0.47 million or 8%, then the flat was finally sold at HKD5.38 million with discounted sq ft price at HKD10,037, being the new low among same style flats recently. It is reported that in May, a same size flat was sold at HKD5.85 million, so the above unit was 8% cheaper than that in May, leading the price back to the level of 2017, when the same size flat was sold at HKD5.3 million.

High-rise flat in MetroTown was cut by HKD0.4 million and sold in vacant possession.

As for Tsueng Kwan also is affected by social events, Woo KamJam from Ricacorp Properties expresses, the market recorded a second-hand property transaction with price cut for high-rise room G in block 2 of MetroTown in Tsueng Kwan latest, and it is a two-bedroom flat in usable area of about 476 sq ft viewing seascape. The flat was put on sale at HKD9.3 million in July this year, and was finally sold at HKD8.9 million by vacant possession after price cut of HKD0.4 million or about 4.3%, with the discounted sq ft price at about HKD18,697.

It is understood that the original owner purchased the above property for about HKD3.45 million in February 2008. The book profit is about HKD5.45 million after it had been holding for about 11 years, with the property appreciation in about 1.6 times. Woo KamJam also points out that, the project has recorded 2 transactions this month, with the average sq ft price at about HKD17,434. At present, there are about 170 units for sale, and the lowest price is HKD8 million.

Three-bedroom flat in Kornhill Gardens was sold with price cut of over HKD1 million.

In Hong Kong Island, Yang ManKit from Centaline Property expresses, social incidents had led to more transactions with price cut in the second-hand property market, for example, Kornhill Gardens recorded the first transaction in August that the owner need to attract buyers by cutting over HKD1 million. It is low-rise room 13 in block M of Kornhill Gardens in usable area of 902 sq ft and layout of three-bedroom suite, facing southeast and viewing the mountain scenery, also it is the largest tiered house in Kornhill Gardens. The original owner had asked for HKD17.5 million while cut by HKD1.12 million or 6.4% to HKD16.38 million and sold, with the discounted sq ft price at HKD18,160. Yang ManKit points out that the buyer is the user. The original owner bought the flat for HKD6.98 million in April 2010, and earned book profit of HKD9.4 million after holding for 9 years, with the property appreciation at 1.35 times.
Translated by 28Hse.com . All right reserved.