Hong Kong home buying surge slows on absence of new projects

Hong Kong developers were unable to make a repeat of the previous weekend's bumper sales that defied the impact of Occupy Central protests.

About 240 properties were sold in the primary market during the weekend, against 456 units snapped up in the previous weekend,

"The buying momentum was not bad but the number of units sold was fewer than that of the previous week, taking into account that there were no brand new projects offered for sale over the weekend," said Louis Chan Wing-kit, the managing director of Centaline Property Agency's residential department.

Property agents said strong sales volumes were expected in the next two months when the three residential projects in Tseung Kwan O will be launched.

Sammy Po, the chief executive at Midland Realty's residential department, said developers might offer flexible pricing strategies for projects in districts that face a surge in supply.

Despite the slower sales this weekend, projects such as Double Cove Starview Prime, jointly developed by Henderson Land Development and New World Development, and New World's the Pavilia Hill remaining a key focus for buyers. Some 187 units at Double Cover Starview Prime, in Ma On Shan, were sold on Saturday. The developers yesterday decided to put a further batch of 120 units up for sale.