Property recovery still not imminent despite flats boost
Cheung Kong (Holdings) and Concord Development sold almost 894 flats in their joint venture project offered in Ma On Shan on Saturday.
Estate agents said the sales response showed that the property market had reached its bottom, but they did not expect a strong rebound in values and volume soon as investors and speculators were not ready to return.
Cheung Kong originally announced it would release 692 flats in its joint venture on Saturday, but strong buying demand encouraged it to put in an extra 202 flats in separate batches, making an offering of 894 units.
Estate agents said the 894 flats were sold on the first day of sale.
They said some additional flats were sold at more than $7,500 per square foot, compared with $6,148 per sq ft for the first batch sale of 204 units.
They said the price increase in the last batch sale reflected a better quality unit on offer.
Phase one of the development would provide 1,012 flats in six blocks when completed in October next year.
Centaline Property Agency sales director Louis Chan Wing-kit said the property market would not see a strong recovery despite good response in the Vista Paradiso sale which indicated a home-buying desire.
Mr Chan said the SAR Government has frequently delivered high-profile messages that it will closely monitor rising property prices.
That will dampen investors and speculators' confidence in the housing sector as they will not enter the property market until uncertainty over policies have been clarified, Mr Chan said.
