Kerry sells 250 Primrose Hill flats on good pricing

PUBLISHED : Wednesday, 17 June, 2009, 12:00am
UPDATED : Wednesday, 17 June, 2009, 12:00am

Home sales in Hong Kong remained active at the weekend as investors and end-users continued to shift out of low-yielding or higher-risk assets into the safer haven of property.

Kerry Properties said it had secured buyers for 250 flats at Primrose Hill since sales kicked off last Friday and selling prices for standard units ranged between HK$4,763 and about HK$7,000 per square foot.

The developer previously said it planned to launch only one-third of the total 548 units for sale this year, but decided to speed up the sale amid a good response from buyers.

Property agents attributed the quick sales to the attractive pricing as the flats are priced at a discount of some 10 per cent to the deals achieved by the Dynasty in the secondary market.

Kerry Real Estate Agency executive director Chu Ip-pui said some duplex units or units with gardens would only be launched for sale when the project was completed and ready for occupancy in the first half of next year.

At Lake Silver in Wu Kai Sha, 18 flats were sold at the weekend, while Hongkong Land Holdings' Sail at Victoria in Kennedy Town secured buyers for 15 units.

Sales in the secondary market also improved slightly and data shows that secondary transactions edged up 1.79 per cent to 456 from a revised 448 deals a week earlier.

Average home prices climbed 1.2 per cent, sustaining a seven-week rise in prices. According to the Centa-City Leading Index, which tracks deals in the secondary market, prices have now increased 14.48 per cent since the beginning of the year.

Kerry Properties is part of the Kerry Group, the largest shareholder in the SCMP Group, publisher of the South China Morning Post.