Transactions surge as Masterpiece draws buyers

PUBLISHED : Wednesday, 02 September, 2009, 12:00am
UPDATED : Wednesday, 02 September, 2009, 12:00am

About 200 flats were sold in the primary residential market over the weekend, up from just 60 deals in the previous period, with the focus of buyers on the newly launched Masterpiece in Tsim Sha Tsui.

The 345-unit project, jointly developed by New World Development and the Urban Renewal Authority, was launched with a first batch of 66 flats over the weekend at HK$17,363 per square foot and by the end of the weekend had sold 130 units at prices between HK$13,500 and HK$23,000 per square foot, reaping sales of HK$3.8 billion. The project is expected for completion next month.

Grand Garden, built by Circle Property Development in Sai Wan Ho and already ready for occupancy, recorded 18 transactions while Henderson Land secured buyers for 10 units in its Spectacle development in Kowloon East, and sold seven flats in Shining Heights at Tai Kok Tsui.

In the secondary market, transaction volume rebounded 6.48 per cent to 463 units last week after a decline of 8.26 per cent recorded a week earlier, data compiled by Ricacorp Properties shows.

According to the Centa-City Leading Index, home prices in the secondary market have jumped 24.67 per cent so far this year.

David Chan Tai-wai, a director at Ricacorp, said the secondary market would now enter a period of consolidation because the benchmark Hang Seng Index had retreated to below 20,000 points and the market lacked any fresh stimulus.