Weekend new-home sales surge to highest level in 11 months

Number of properties purchased at highest since efforts launched to curb demand

PUBLISHED : Wednesday, 11 September, 2013, 12:00am
UPDATED : Wednesday, 11 September, 2013, 4:58am

A total of 343 new homes were sold in Hong Kong over the weekend - the highest weekend total since the government began rolling out measures to curb housing demand in October last year.

Most of the sales were at The Rise in Kwai Chung, developed by Cheung Kong (Holdings), where 217 of the 300 flats released to the market were sold.

New World Development sold 108 flats at the Park Signature development in Yuen Long over the weekend, according to a report from BNP Paribas. Up to Monday, New World had sold a total of 474 flats since it launched sales at the development on August 31.

The flats have sold at an average price of HK$8,100 per square foot, generating revenue of HK$1.7 billion.

"We expect positive sale results of Park Signature and The Rise to trigger more developers to launch their mid-end projects in the short term," said BNP Paribas property analyst Patrick Wong Chi-leung .

"We believe the key focus will remain in mid-end primary projects, and secondary volume is likely to remain at relatively low levels," he said

In the secondary market, 71 flats were sold at 50 major housing estates last week, according to Ricacorp Properties, the lowest volume in 23 weeks.

Prices in the secondary market were barely changed. The Centa-City Leading Index of prices rose 0.84 per cent week-on-week to 120.86, for year-to- date growth of 4.4 per cent.