Home sales in the primary market remained strong over the weekend with 214 transactions at 13 projects recorded, and property agents said the bullish market would continue in this quarter.
'The transactions in the primary market have turned active since the beginning of March after the consolidation last year,' said Ricacorp Properties executive director Willy Liu Wai-keung. 'I expect the property market will remain active during the second quarter as the outlook of the Hong Kong economy remains bullish.'
Weekend sales were mainly driven by Sausalito, a Cheung Kong (Holdings) mass market project in Ma On Shan. The project sold 71 units over the two days with prices ranging between HK$4,000 and HK$6,700 per square foot.
William Kwok, deputy chief manager of sales at Cheung Kong, yesterday said the sales of mass market projects should show strong growth in the second quarter, following the robust sales of luxury homes in the first quarter.
Cheung Kong will sell five units at upper floors with prices ranging between HK$4,900 and HK$5,000 per square foot, 15 per cent higher than the lower floors. It also plans to raise the asking prices of large units by 2 to 5 per cent.
Pacific Century Premium Developments said the sixth phase of Residence Bel-Air in Cyberport had sold about 500 units since its launch last month. The developer has generated HK$8.8 billion from the sales. The remaining 200 units will be sold until next year as the developer expected prices will continue to rise.
