Hong Kong new flat sales predicted to top HK$150 billion this year
Total would be third highest since 1996
The recent frenetic home-buying activity could lift total transaction values of new flats this year to HK$150 billion, the third highest annual total since 1996, according to leading agent Midland Realty.
Since the start of the year to September 12, the firm has registered new property transactions worth HK$100.95 billion, which it attributes to aggressive marketing of projects by developers.
In the first nine months of 2015, total values were HK$124 billion in the primary residential market, it said.
“This year’s transaction value will be larger as more new projects are due to be launched in the last quarter,” said Buggle Lau, Midland Realty’s chief analyst.
Several large-scale projects are expected to be ready for pre-sale in the coming months, including Cheung Kong Property’s 2,410-unit development at Tsuen Wan West Station, and one by Sun Hung Kai Properties (SHKP) offering 3,400 units at Nam Cheong Station.
The ongoing strong response has meant developers have either been raising prices or cutting incentives on their remaining units.
SHKP said on Tuesday it had sold a 1,670-square-foot unit for HK$40.76 million, or HK$24,400 per square foot, the highest price achieved so far at its Grand Yoho development in Yuen Long.