2024-04-25 28Hse Editor
Hong Kong's real estate market has maintained its momentum with property transactions continuing to escalate for the second consecutive week, although sellers who have owned their properties for six years or less have sometimes faced losses.
Centaline Property Agency reports that over 1,500 new homes have been snapped up since the government lifted housing restrictions on February 28. This past weekend, Henderson Land Development (0012) achieved a sell-out, offloading all 30 units at The Holborn in Quarry Bay, netting over HK$170 million. The developer also completed 14 sales at Quinn - Square Mile in Mong Kok, totaling over HK$91 million.
Within the last 10 days, Henderson Land Development has sold at least 207 flats, amassing about HK$1.4 billion. Centralcon Properties' The Arles in Fo Tan witnessed 162 flats being sold in just eight days, with 73 transactions recorded yesterday alone.
Sino Land (0083) is gearing up to offer 17 additional flats at One Soho in Mong Kok for sale this coming Wednesday, starting at HK$5.8 million post-discount. Furthermore, Lofter's Elize Park in Mong Kok is set to tender 14 flats on Thursday.
According to Centaline data, the volume of transactions across 10 major housing estates jumped by 48 percent week-on-week to 37, marking a more than three-year high. City One Shatin observed a 150 percent weekly increase in transactions to 10, the highest in roughly four years, while Taikoo Shing in Quarry Bay reported five transactions. However, no sales were recorded at South Horizons in Aberdeen or Metro City in Tseung Kwan O.
Louis Chan Wing-kit from Centaline Property Agency noted that buyers are accelerating their purchases due to concerns that prices may increase shortly.
Despite the uptick in activity, not all sales have been profitable. A flat in Tsing Yi Garden, Tsing Yi, sold for HK$3.85 million, HK$830,000 below the asking price, resulting in a 32 percent loss (HK$1.8 million) for the seller who purchased the property at HK$5.65 million in 2018. Additionally, a luxury four-bedroom residence at Kadooria in Ho Man Tin fetched HK$77 million, translating to a 9 percent loss (HK$7.88 million) for the seller after a tenure of more than four-and-a-half years.
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