Property transactions fell 22 per cent to 9,950 last month as home-buyers held back for new projects, according to Centaline Property Agency and Midland Realty. It was believed most buyers were waiting for several large-scale residential projects, such as Sino Group's joint-venture luxury project Regalia in King's Park Rise, Ho Man Tin, which was launched last week. Other attractive projects included HKR International and New World Development's Discovery Park in Tsuen Wan and Swire Properties' Island Place in North Point, which would be on the market in the next two weeks. Centaline expected sales would rebound to the 10,000 level this month after a sharp pick-up in the secondary market last month. Midland was even more optimistic, saying sales would reach 12,000 because of a 40 per cent increase in new supply last month. In July, sales in the primary market plunged 61 per cent as new supply dwindled to 670 units from a monthly average of 1,000 units in the first six months of the year, Centaline said. The secondary market also saw a slowdown last month. According to Centaline, there were 8,478 transactions worth less than $20 million each, down 11 per cent from July. The transactions included residential, industrial and retail units. The total amount paid was $21.95 billion, 13 per cent lower than July. Official figures have yet to be announced by the Land Registry. Centaline said transactions for flats worth between $10 million and $20 million dropped 19 per cent. Sales of units worth less than $1 million fell 6 per cent, showing smaller flats were less affected by the market consolidation. Centaline said Hong Kong Island had the biggest drop in transactions of 19 per cent to 2,236 units. In Kowloon, transactions slumped 14 per cent to 1,938 while those in the New Territories fell 9 per cent. The average price for property on Hong Kong Island was $5,087 a square foot.