2024-05-08 28Hse Editor
The property market has rebounded in recent months as developers have put up properties for sale, benefiting from the full resumption of cross-border travel between the Mainland and Hong Kong and the slowing pace of interest rate hikes in the US. Sun Hung Kai Properties (SHKP) announced yesterday that it has put up for sale a further 103 units in Phase 2B of NOVO LAND in Tuen Mun, with saleable areas ranging from 306 to 449 square feet at a discounted entry price of HK$4.2942. 352 units were put up for sale in the three price lists at an average price of HK$13,616 per square feet, with a total market value of over HK$2.5 billion. Zhou Xiaojing
Victor Lui Ting, SHKP deputy managing director, said that the first Saturday after the price opening was well received by the public and there was a constant flow of visitors, adding that, considering both promotions were at the original price, "the price/performance ratio is excellent". He said that now that customs clearance has resumed and the economy is gradually recovering, the property market is booming, with government figures and the Centa-City Leading Index both rising, reflecting the buyers’ confidence in the market.
Lui continued that in the third price list, there are 34 one-bedroom units and 69 two-bedroom units with discounted prices from HK$4,294,200 to HK$6,291,700, and discounted square feet from HK$13,174 to HK$14,530 respectively. At present, the project has accumulated more than 5,000 votes, and sales arrangements will be implemented as soon as possible. The group is expected to launch Silicon Hill in Pak Shek Kok and Tin Wing Station project in Tin Shui Wai in the next two quarters.
Manor Hill sells 71 units, cashing in over HK$410 million
The relaxation of stamp duty on first home purchases has also accelerated the sale of other new developments. Kowloon Development’s Manor Hill in Tseung Kwan O recorded 15 transactions over the past weekend, cashing in some HK$84 million. The majority of owners benefited from the new stamp duty policy. Since February, Manor Hill has sold 71 units, generating a total of over HK$410 million.
The market records a total of about 37 final sales of new properties over past two days
The secondary market continued to thrive despite the focus on first-hand new homes, reflecting the post-Chinese New Year transaction boom. According to data from Hong Kong’s top four property agencies, the top 10 housing estates recorded 15 to 25 transactions on the first Saturday after the Hong Kong budget 2023-24 rollout (25-26 February), representing a steady to moderate increase week-on-week.
Sammy Po Siu-ming, CEO of Midland’s residential division for Hong Kong and Macau, said that despite buyers’ increased interest in new properties, the second-hand property market remains strong, and more buyers are taking advantage of property prices that have not returned to the peak, and they are the first to enter the market to snag bargains, with many districts showing steady numbers of flat viewings and transactions. The ten housing estates recorded 25 transaction transactions this past weekend, up nearly 70 per cent week-on-week.
Louis Chan Wing-kit, Vice Chairman and Chief Executive Officer (Residential) of Centaline’s Asia Pacific Department, said the Budget's "small reduction" in stamp duty on first home purchases has revived buyers' desire to buy their own homes. Meanwhile, the first batch of new flats in the urban area were sold out on the same day last Friday, leading to a boom in secondary transactions. Hong Kong’s top ten residential estates recorded 24 transactions on Saturday, a 60 per cent year-on-year rebound.
Second-hand transactions rebound on the back of reduced measures
In addition, Ricacorp recorded a total of 15 second-hand transactions in the top 10 estates on the past Saturday, reaching double digits for 10 consecutive weeks. Hongkong Land’s top ten housing estates recorded a total of 16 transactions in two days, a weekly increase of 33 per cent, and maintained double-digit levels for 4 consecutive weeks.
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