The property market is receiving mixed signals amid growing interest in secondary transactions and predictions that bids for a residential plot in Tuen Mun were unlikely to be aggressive because of medium-term uncertainty for the sector.
Seven bids were received by yesterday's deadline for tendering on the site- more than analysts had expected. However, they said the offers were likely to be low as this would be a bumpy year for home sales.
The tender came a day after the government announced that it would make less land available for sale this year.
The site had been expected to fetch between HK$3.1 billion to HK$3.76 billion.
However, the mood in the secondary housing market appeared more upbeat.
Agents said they had noted a sharp increase in the number of viewing appointments for secondhand flats. They also expected deals to start picking up this month after sales of flats fell 19.8 per cent to 4,490 last month from December.
'There were no tough housing measures announced by Financial Secretary John Tsang in his latest budget and that's good news for the market,' said Louis Chan, managing director (residential) of Asia-Pacific at Centaline Property Agency.
