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Hong Kong Property Market - Yr.2019 Dec: Average price per sq feet $11838 4.84%   (last month:$11292)
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Seaside Sonata Additionally Launches Properties with Markup; 218 Units Will Be Put On Sale on Thursday.

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2019-10-14-(Mon)
【28Hse.com】  
Hong Kong Wen Wei Po (By Chau HiuChing)

The property market on the weekend continued to be dull being affected by the violent demonstrations. The first-hand transactions were concentrated in Seaside Sonata, Cheung Sha Wan. It is reported that there had been about 15 transactions on the past Saturday and Sunday. The Assistant Chief Manager (Sales) of Cheung Kong Group, Ho Ka-yan expresses, visitors of Seaside Sonata on the weekend were many, and there were over-subscription applications since the first price list was announced. It is estimated the first-phase agreement reached in the Sino-US trade war would have a positive impact on the property market. The market is also looking forward to the upcoming policy address, which has a corresponding housing policy to help people to buy their own homes.

Ho Ka-yan discloses, the market response was very enthusiastic on the first weekend when the sample flat was opened, and many visitors arrived, besides family customers who want to change houses from Kowloon and New Territories are main, with most among are residents along the railway in New Territories, also there are many long-term investors who like its downtown location and housing layouts. In the evening, source pointed out that, Seaside Sonata announced to additionally launch No. 2 price list including 88 units at HKD 9.039-21.663 million, with the sq ft prices at HKD18,477-28,097, and the discounted sale prices are HKD7.05-16.897 million leading the discounted sq ft prices to HKD 14,400-21,900 calculating by the discount of 22%, a rise of 2-4% compared with that in the first price list. The developer also announced the sales arrangement and would put on sale 218 units on this Thursday.

In addition, The Grand Marine, Grand Ming Group (1271)’ s new project in Tsing Yi, supplying 776 units, has been approved for pre-sales, and the Sales and Marketing Director Ngan King-fung expressed yesterday that the latest sales deployment would be announced in a few days.

Owners are tough on prices, leading the second-hand property trading in the see-saw.

About the second-hand property market, many buyers wait and see as the policy address will be announced in the week, coupled with the impact of social activities, so the second-hand transactions continue to be suppressed. According to the data, the top four agents each had recorded 3-7 transactions for ten leading housing estates on last Saturday and Sunday(12th, and 13th) respectively, and the numbers maintain in medium and low single-digit level.

The Asian Pacific Region Vice Chairman and the Residential Department President of Centaline, Chen Wing-kit expresses, China and the United States have reached the first phase of the trade agreement, which is a first light on the Sino-US trade war issue and has positive impact on the property market, while the recent market focus is on the first-hand property, developers of which are attracting customers by market prices, plus with the price cuts from most of the second-hand owners have failed to meet the predictions from buyers, so the trading is in see-saw, making the second-hand property trading to be dull. Centaline had recorded 6 transactions on last Saturday and Sunday, one case more than that in the previous weekend, with half of the estates were recorded in zero transaction, and the transactions were concentrated in the New Territories.

The effect from policy address is limited in the short-term.

The trading through Ricacorp reportedly was well affected by positive factors in the Sino-US trade war. The President of Ricacorp, Liao Wai-keung expresses, the second-hand property transactions rebounded sharply from an ultra-low base number on last Saturday and Sunday, that is, a largely rise of 2 cases from 5 cases in the previous weekend to 7 cases in ten leading housing estates, while the actual transaction volume is still single digital figure.

The policy address will be released in the middle of the week. The Chief Executive of Hong Kong Property, Lee Chi-shing believes, the measures related to housing policy in policy address are estimated to be mainly based on long-term strategies, and its impact on the property market in the short-term is limited. At present, the negative factors in the property market are still many. It is believed the property prices in the fourth quarter are unlikely to have upward momentum, plus there are still many new projects being launched in October, so the situation of the first-hand property leading market continues. Unless the policy address has a breakthrough measure, or the second-hand market buyers are willing to keep their prices stable, so the second-hand property transactions are unlikely to rise significantly. Hong Kong Property had recorded 3 transactions On Saturday and Sunday, a decrease of 2 cases on a year-on-year basis, and the number has been under ten for 22 weekends.

Midland had recorded a total of about 6 transactions among ten leading blue-chip housing estates in the last Saturday and Sunday, no up or down, and the number has been under ten for two weekends, with 6 housing estates among recording zero transaction. The Chief Executive of the Midland Real Estate Residential Department, Po Siuming believes the property market will have a clearer development after the policy address is announced.
Translated by 28Hse.com . All right reserved.