About 50 property speculators who bought flats in Ma On Shan on Saturday were expected to turn a quick profit by reselling their flats tomorrow.
Real estate agents yesterday confirmed the return of property speculators to the market after home buyers snapped up 1,124 flats in the Housing Society's Mountain Shore development in just nine hours.
The estimated 50 buyers who had already reached advance agreements to resell their flats to other home seekers were expected to sell their properties as soon as they had signed the formal sales-and-purchase agreement with the developer.
The agreements are due to be signed tomorrow.
Centaline Property Agency associate director David Chan Man-wai said the speculative buyers would turn a profit of between 4 per cent and 5 per cent of the unit price. For some buyers, this would represent only several thousand dollars after deducting expenses and transfer charges. But some could post profits as high as HK$100,000 each.
The variation in resale prices was due mainly to differences in the premiums that home seekers were prepared to pay.
Buyers who had drawn higher-numbered coupons in the draw to determine who had the right to buy were given first choice of the flats on offer. This meant the properties they were 'flipping' were usually on higher floors, with better views, and would attract higher resale premiums.
