(Journalist Chong Ching-Man)
The global expansion of the COVID-19 epidemic has not hinder buyers' confidence to enter the market. LOHAS Park Phase 9C OCEAN MARINI developed by Wheelock and MTR in Tsueng Kwan performed well on the first round sale the day before yesterday, putting on sale 208 units with 90% sold. On the other side, the second-hand property transactions temporarily fell due to the second-hand property owner's stronger attitude and the market focus on the first-hand property market. According to the statistics of the four major agents, in the past Saturday and Sunday (14th and 15th), agents had recorded respectively in ten leading housing estates of 8 to 10 transactions, generally down by more than 40% weekly.
The average sq ft price is HKD16,000, and the lowest cost is HKD7.46 million.
Wheelock pointed out yesterday that OCEAN MARINI sold 188 units in the first round, accounting for 90% of the available for sale, and cashing in more than HKD1.59 billion. At the same time, it promoted the sales of MARINI and GRAND MARINI. The above two sold 10 and 13 units respectively. Due to the favorable market response, the developer announced yesterday to additionally launch 51 units, in usable areas of 472-799 sq ft. The discounted average sq ft price is HKD15,988, which is 8.8% higher than the average discounted sq ft price of HKD14,688 in the first batch, and the lowest cost is HKD7.466 million. They will put on sale the second round as soon as this weekend. And more than half of the units are under HKD10 million after the discount.
Chen Wing-Kit, the APAC Vice President and Residential Department President of Centaline Property, expressed yesterday that the sale of Tsueng Kwan new project was ideal, and more and more new projects in various districts would be launched in succession, grabbing a lot of the second-hand purchasing power. The spread of the COVID-19 epidemic and the sharp fluctuations in the stock market have made buyers more cautious about entering the market. Favorable units in the market fell sharply, and the owners narrowed the bargain, buyers and sellers continued the see-saw, slowing the pace of second-hand property trading. This company recorded 8 deals last weekend, a sharp decline of 46.7% weekly. Metro City in Tseung Kwan O also recorded 1 transaction. It is a low-rise two-bedroom unit in Block 1 Phase 1, in a usable area of 364 sq ft, and was sold for HKD 6.25 million, with the usable area sq ft price at HKD17,170. The original owner bought the unit for HKD3.02 million in 2012, earning book profit of HKD3.23 million after holding it for eight years, and the unit had appreciated by 107%.
Liao Wai-Keung, the President of Ricacorp Properties, also pointed out that there is no sign of deterioration of the epidemic in Hong Kong. Many buyers go out to look for opportunities to enter the market. The market sentiment is positive. In the second-hand property market, as the owner 's bidding attitude has become stronger, purchasing power has also transferred to the first-hand property market. So, the second-hand trading volume is temporarily under pressure. It is expected that purchasing power will tend to flow into the first-hand property market in the short term. Last weekend, the New Territories District performed the best, with 5 transactions recorded; Kowloon District recorded a total of 4 transactions, but Hong Kong Island has not recorded any transactions for the time being.
Favorable units sharply reduce, and the second-hand property transactions decline.
Midland recorded about 10 transactions over the weekend, down 7 weekly.
Po Siuming, the Chief Executive of the Midland Real Estate Residential Department, expressed that the first-hand property continues to be the focus of the market in the short term, due to the low-interest-rate environment in Hong Kong and the attractive prices in the first-hand housing estates. The first-hand property transactions would up to about 1,200-1,300 in the month, if the brand-new projects in New Territories can be launched within the month. Hong Kong Property recorded 8 sales, down by 6 weekly, breaking through double digits to a five-week low, with Mei Foo Sun Chuen and Sha Tin City One performing the best by each recording 2 cases.
