New home sales surge in Hong Kong

PUBLISHED : Tuesday, 15 April, 2014, 2:13pm
UPDATED : Wednesday, 16 April, 2014, 5:26am

Home sales in the secondary market in Hong Kong rose modestly, while the volume of transactions in new homes surged.

During the week starting April 7, 163 units were sold at 50 housing estates tracked by Ricacorp Properties, an increase of 22 per cent from the previous week.

But Ricacorp director David Chan said sales in the secondary market would slow after the Easter holiday, when developers launched more new projects.

In the primary market, 158 units were sold over the weekend, 4.2 times the number sold the previous weekend.

Cheung Kong has sold all 402 units in Trinity Towers over the past three weeks for HK$2.5 billion.

Centaline Property Agency's Centa-City Leading Index rose 1.36 per cent week on week to 118.82. But it is still 0.2 per cent lower year to date.

New World Development launched the first batch of flats in the Woodside in Yuen Long over the weekend. After all discounts, the average selling price is HK$7,930 per square foot.

Sun Hung Kai Properties launched the first batch of units at Mount One in Fanling on Tuesday. The average selling price after a maximum 10 per cent discount is HK$9,040 per square foot, similar to that of Green Code in the same district.

BNP Paribas said the recent positive sales results of some primary projects showed developers with flexible pricing strategies had successfully tapped into the strong demand, mainly from end-users.