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Secondary Sales Slow as Buyers Turn Their
Attention to New Projects
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April 24, 2009 |
Central Park Towers II in Tin Shi Wai sold
all its 1,068 units in three days with a low
pricing strategy, while the Latitude, a
project by Sun Hung Kai Properties in San Po
Kong, is reported to have secured buyers for
400 units during the weekend. The two
projects caught buyers' attention and had
combined sales of about HK$5 billion.
Under these circumstances, data collated
from 50 large housing estates monitored by
Ricacorp Properties shows that 424 units
changed hands last week, down 9.4 per cent
from 468 transactions. It was the second
consecutive week that transactions have
fallen. Nevertheless, average home
prices continued to rise for a fifth
consecutive week, and edged up 1 per cent
from a week earlier.
The Centa-City Leading Index, which tracks
the secondary market, shows that home prices
have gained 6.83 per cent since the
beginning of the year and with the help from
that rebound prices are now 18 per cent
below their peak recorded in March last year
but up 6.97 per cent from the trough in
mid-December.
Projects in the sales pipeline include the
Forfar, a luxury residential development in
Kowloon Tong developed by USI Holdings. It
will offer 43 units with completion at the
end of July 2010.
Phase two of Celestial Heights, a 439-unit
development in Ho Man Tin, scheduled for
completion next June is awaiting sales
approval from the Lands Department.
A mass residential project coming on stream
is Le Prestige - a 1,688-unit project in
Tseung Kwan O - which will begin sales once
it gets the required approvals.
Source: South
China Morning Post |
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