Home prices in Wong Tai Sin, a district in Hong Kong have increased to an average of HK$8,400 psf, following the release of an additional 50 flats by Kerry Properties at its Lions Rise project in the area.
Previously, the average selling price of flats in the secondary market in Wong Tai Sin was HK$7,300 psf.
The latest flats, which are sized between 685 sq ft and 1,078 sq ft, are priced from HK$7.06 million to HK$13.3 million. This represents an increase of 4.7 percent for the last batch released on sale.
So far, around 320 units of the 968 flats in the project have been sold.
In a separate transaction, Sun Hung Kai Properties sold almost all the 117 flats at the iUniQ project in Shau Kai Wan within two days. Around 20 percent of the home buyers came from mainland China, while 76 percent are local residents.
The project is anticipated to fetch a total of HK$800 million.
Meanwhile, property prices are expected to remain stable in the second half after the government implemented several measures to limit speculation.
Buggle Lau Ka-fai, Chief Analyst of Midland Realty, said that transactions in the secondary market are expected to drop by 20 percent, attributed to the imposition of a Special Stamp Duty last November.
Mr. Lau added that more flat-owners are now unwilling to sell, as deposit rates remain low. Instead, they now opt to rent out units.
For the six months to May, flats being offered for rent rose 17 percent to 6,134 units at the city’s 100 major housing projects, from the six months to November.
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