Sun Hung Kai Properties (0016) announced that Yoho West in Tin Shui Wai attracted an impressive 30,000 viewers, while only five deals were recorded across 10 major housing estates over the weekend.
The significant number of visits within a span of five days demonstrates the active housing sentiment, according to SHKP. In response, they released the second price list on Friday, offering 163 units in phase 1 of Yoho West. After discounts, the average price stands at HK$11,633 per square foot, representing a 6.8 percent increase compared to the first list.
The 163 flats are priced between HK$3.5 million and HK$11 million after discounts, with SHKP maintaining the highest offers of 13.5 percent.
In other news, Kerry Properties (0683) recently sold a luxurious home at Mont Verra on Beacon Hill for HK$245 million, equating to HK$53,763 per square foot through a tender. This transaction sets the record for the highest price per square foot among flats sold in Kowloon this year.
However, the secondary market continues to show sluggishness. Data from Centaline Property reveals that the 10 major housing estates reported only five deals over the past weekend, marking a 16.7 percent decrease compared to the previous week.
Louis Chan Wing-kit, Asia Pacific Vice Chairman of the Residential Division at Centaline Property Agency, attributed this trend to new projects like Yoho West, which have made an impact with their relatively affordable prices. Chan anticipates further price declines in the secondary market as developers continue to unload their inventories at or below current market levels, despite the stamp duty reduction.
Meanwhile, Hong Kong Property recorded only three deals across its 10 blue-chip housing estates, signifying a 50-percent decline from the previous weekend. Buyers are being drawn to the primary market or are waiting for more significant price reductions from homeowners in the secondary market.
