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Hong Kong Property

New home sales in Hong Kong slows over weekend

PUBLISHED : Wednesday, 25 November, 2015, 5:30am
UPDATED : Wednesday, 25 November, 2015, 5:30am

New home sales slowed over the weekend with mid-sized Kowloon Development failing to get sufficient buyers for its tiny-flat development in Aberdeen.

In the primary market, 180 units were sold over the weekend of November 21-22, down 68 per cent week on week compared to 568 units sold in the previous weekend, according to investment bank BNP Paribas.

Among them, Kowloon Development sold 49 units of its 150-unit South Coast in Tin Wan, Aberdeen since its first launch on Saturday. The developer said the two most expensive units, sized 254 square feet, were yet to be sold.

Units of South Coast ranges from 194 sq ft to 478 sq ft. The most expensive flats in terms of unit saleable area are two 254 sq ft ones on the 31st floor, priced at HK$6 million apiece, with the average price translating into HK$23,618 per sq ft.

After a 10 per cent discount offered by the developer, the units come to HK$5.4 million each or HK$20,835 per sq ft.

“It is one of the most expensive tiny flats in the city,” said Sammy Po, chief executive of Midland Realty’s residential department.

Last month, a small firm, Wisdom Gaining, sold its AVA66 development in Tsim Sha Tsui, with flats ranging between 152 sq ft and 253 sq ft. A 152 sq ft unit was sold for HK$3.72 million after the 9 per cent discount offered by the developer. The average price came to HK$24,473 per sq ft.

Meanwhile, Wheelock Properties, a wholly owned subsidiary of Wheelock & Co, launched a new batch of 110 units of Capri in Tseung Kwan O and sold 70 units over the weekend. About 370 of the total 428 units have been sold over the past two weeks.

Kerry Properties also launched a new batch of 110 units of The Bloomsway in Tuen Mun and sold 30 units over the weekend.

In the secondary market, three units were sold at the 10 largest residential estates tracked by Centaline over the weekend, same as the previous weekend. The Centa-City Leading Index dropped 0.71 per cent week on week to 141.13, but was still up 6.6 per cent from the beginning of the year.

More projects will be launched in the coming weeks, such as CK Property’s Yuccie Square near Long Ping MTR Station in Yuen Long and Sun Hung Kai Properties’ Park Vista Phase 1A at 18 Castle Peak Road, also in Yuen Long.