Centralcon’s Fo Tan housing project The Arles concludes with less than 2 per cent sold in latest offering
- The local developer controlled by tycoon Wong Kwong Miu sold only seven units in its latest round of sales consisting of 426 flats
- Experts said Centralcon’s disappointing sales does not suggest a sluggish property market, as buying desire has returned to Hong Kong
A little-known Hong Kong property developer sold less than 2 per cent of the flats available in its latest sale in the city, despite strengthening buying desire as the impact of the Covid-19 pandemic on the housing market eases.
Centralcon Properties, a local developer controlled by tycoon Wong Kwong Miu originally from Guangdong province, sold only seven units in its latest round of sales consisting of 426 flats in The Arles in Fo Tan on Friday, according to sources.
The developer, however, said the project pulled in more than HK$74 million (US$9.4 million) in one day and was satisfied with the sales result. Two of the units sold were sold by tender. It expected sales to be even better after the show flats were opened.
The price index for lived-in homes in April rose 0.5 per cent to 384, nearly the same level as February, according to data from the Rating and Valuation Department on Friday. It was the biggest monthly increase since the 1 per cent gain last July, although it was still 1.8 per cent lower than a year earlier.
The rise was higher-than-expected, said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank. “The index will widen its increase in May, but the overall property price [index] in the first half will still see a slight decline.”