(by Lai ChiTin)
The repeated demonstrations have affected the people's livelihood and reduced buyer's intentions to visit houses. The New Territories continues to be the district has the most price cuts, with many transactions were made with price cuts, even the popular comparatively new projects have recorded significant price cuts in succession, such as the same series project CAPRI and SAVANNA in Tseung Kwan O have some individual transactions in price cut up to 15%. Hong Kong Island real estates are also tested. Harbour Heights in North Point has one two-bedroom unit being sold in large price cut up to three million HKD or 20%, and it was sold for HKD10.48 million, a drop of nearly 50% compared with that in 4 months ago.
Lau HoKan of Hong Kong Real Estate expresses, comparatively new project CAPRI in Tseung Kwan O recorded the first second-hand transaction this month, and it is a one-bedroom room D on low floor of block 5 in usable area of 359 sq ft, although the original owner had put on sale at HKD7.2 million in this April, but it was cut by HKD1.05 million or 14.6% to HKD6.15 million recently and sold, with the usable area sq ft price at HKD17,131.
Another comparatively new project in the same district also significantly reduced the price. Woo KamYam of Ricacorp Properties expresses, the market recently recorded a second-hand transaction of SAVANNAH in Tseung Kwan O, and it is an open style unit room E on mid-floor in block 3B with a usable area of approximately 331 sq ft. It was put on sale at HKD6.5 million in this July, and cut by HKD0.5 million or about 7.7% after negotiation, finally it was sold at HKD6 million with the sq ft price at about HKD18,127. It is known, the original owner bought it in May 2016 for about HKD3.84 million. The book profit is about HKD2.16 million and the property appreciation is about 56% after being held for 3 years.
Foreign customer cuts price to sell their apartment before going back to hometown.
Woo SamKit of Midland expresses, they recently promoted one second-hand property transaction in Double Cove, Ma On Shan, and it is a low floor room A in block 23 in usable area of about 1,014 sq ft using layout of four-suite-bedroom. Woo SamKit says, the original owner is a foreigner who had put on sale the unit at about HKD18 million three months ago and decided to cut price to cash out before going back to hometown seeing there is fluctuated market conditions recently, and finally it was cut by HKD3.05 million or 17.1% to HKD14.95 million to a family buyer, with the usable area sq ft price at aboutHKD14,744. The original owner purchased the above property for about HKD13.627 million in April 2016, and earned book profit at about HKD1.323 million after holding it for three years, with the property appreciation at about 9.7%.
Sun Yuen Long Centre has price reduction in 7% in one week.
In addition, Woo WingChuen of Ricacorp reveals that, the market recently recorded a transaction of Room D on the middle floor of block 3 in Sun Yuen Long Centre, and it is a two-bedroom unit in usable area of about 485 sq ft viewing open landscape. It had been put on sale at HKD7 million, and cut by HKD0.512 million or about 7% after one week later to HKD6.488 million and sold, with the usable area sq ft price at about HKD13,377. It is reported that the original owner purchased the above unit for about HKD1.8 million in August 2012. The book profit is about HKD4.688 million or the property appreciation is over 2.6 times after being held for 7 years.
Two-Bedroom unit in Banyan Garden was cut price by nearly 10%.
In the Kowloon area, Wo YiuChoi of Hong Kong Property says, one of the four small dragon projects in Cheung Sha Wan, Banyan Garden, recorded the first second-hand transaction this month, and it is a two-bedroom unit room H on super high-rise floor of block 1 with the usable area in about 506 sq ft. Wo YiuChoi says, the unit had been put on sale for about HKD9.75 million and attracted one customer from other district after about one month, then it was cut by about HKD0.95 million or 9.7% to HKD8.8 million and sold after negotiation, with the usable area sq ft price at about HKD17,391. It is understood that the buyer is a customer from other district, who rapidly buy after visiting seeing the unit is tidy and the price is reasonable.
Quality properties in Hong Kong Island continue to record transactions with price cut. Lam LoongNam of Centaline Property reveals that, their branch just recorded a transaction for one high-rise room D in block 2 of Harbour Heights in North Point, and it is a two-bedroom unit in usable area of 620 sq ft. The owner had asked for HKD13.2 million in early, but cut prices from time to time seeing the poor property market atmosphere and the continued social movements, finally it was cut by HKD2.72 million or 20% to HKD10.48 million and sold, with the sq ft price at HKD16,903. In May, similar low-rise unit had been sold at HKD11 million, so the transaction price of the high-rise unit this time was HKD0.52 million or 4.7% lower than that of the low-rise unit.
