The weekend sales of two property developments were still very much price-driven, despite the gradual recovery in the residential property market, real estate agents say.
This was borne out at Chinachem Group's Pictorial Garden development in Sha Tin, where less than one-third of the 69 flats on offer were sold.
Ellen Cheung, manager at Centaline Property Agency's Sha Tin Plaza branch, said the average price of $5,000 per square foot was much higher than secondary market flats in the area.
'Unless there is a big reduction in prices, I don't think all units could be sold in the short term.
'After all, sales for the project have been launched for three years now and still the response has not been so good,' she said.
Chinachem originally earmarked 33 flats in Hillview Court, one of the three blocks in Pictorial Garden's third phase development for sale, but it subsequently released another 36 flats for sale.
