Revived investor interest has resulted in $22 billion worth of transactions for strata-title offices and development sites in the first eight months of the year, property agent Richard Ellis says.
Managing director Dominic Leung Koon-hong said strata-title office sales and transactions for development sites dominated the private-sector investment market.
Increased interest in buying development sites reflected long-term confidence and signalled the start of another upward trend for the market, he said.
Richard Ellis said about $6.14 billion of private development sites, mostly residential land, were sold in the first eight months.
It said it handled about 20 per cent of all big development site transactions, each worth more than $100 million, in the private sector.
Buying interest was being fuelled by improvement in home prices, it said.
Two recent transactions were the $570 million purchase of a Tsuen Wan residential site by Lai Sun Development Co and South China Group, and the $452 million acquisition of a Hammer Hill residential site by Hon Kwok Land Investment Co and Hongkong China, both handled by Richard Ellis.
