Eighty flats at the Upper East project in Hung Hom were sold at the weekend. Photo: K.Y. Cheng

New | Home sales still slow in Hong Kong's secondary market

There were only four transactions in the secondary residential market at the weekend even though the market for new homes was active.

About 100 new flats in two residential projects were sold.

"Sales in the secondary residential market continue to be in single digits this month," said Sammy Po, the chief executive of Midland Realty's residential market section.

Kowloon Development said 80 units at its Upper East project in Hung Hom were sold by 6pm on Sunday.

More than 860 units, or 85 per cent of the 1,008-unit development, have been sold, helping the company pull in HK$4 billion in revenue.

Home seekers have been drawn to the development, with flats sized 123 to 375 sq ft, as it requires an initial deposit of just 5 per cent of the unit's value.

Kowloon Development's financial arm is providing loans of up to 95 per cent.

Meanwhile, Henderson Land Development announced its luxury residential project, Harbour Pinnacle, in Tsim Sha Tsui had sold 17 units since Friday.

Henderson has cut prices in the project by 7 per cent and is offering mortgages of up to 85 per cent of the flat's value.

Sales in the secondary market continued to be slow. Centaline Property Agency reported just four transactions recorded at 10 major housing estates it monitored at the weekend. There were no sales in the previous week.

"Seven housing estates failed to close a deal," said Louis Chan Wing-kit, the managing director of Centaline's residential department. 

This article appeared in the South China Morning Post print edition as: Home sales still slow in secondary market