WHEN the property market reignited after Lunar New Year, some people feared it could bounce back onto the runaway roller-coaster ride of the past few years.
After months of stagnation following the Government's intervention to cool speculation last year, Sun Hung Kai Properties broke the ice with its quick sale of 1,070 flats in its classy Royal Ascot development at Sha Tin in March.
A competitive selling price brought buyers flooding back.
The Land Development Corp's Ko Nga Court project in Central scored a similar success at about the same time.
At the first sniff of a recovery, other developers launched a flood of new pre-sale flats onto the market, anxious to clear the backlog.
Good developments offering good prices were selling well. Perhaps it was all too much too soon.
Buyer sentiments had improved, but not to the extent that investors would buy everything thrown at them.
