Secondary home sales in Hong Kong are experiencing a seven-week high, as more home owners are now reducing their asking prices.
Midland Realty said recent transactions among 10 residential projects rose from 16 a week ago to 27, the highest in seven weeks since June, when the government introduced its latest cooling measures.
Out of the 10 projects, Kornhill, Laguna City and Tai Koo Shing recorded zero transactions. A home owner sold his 955 sq ft condominium for HK$4.82 million (HK$5,047 psf), HK$824,000 lower than the initial asking price.
Another owner lost HK$240,000 in selling a 687 sq ft two-bedroom flat at Grand Promenade for HK$6.26 million (HK$9,112 psf), almost 15 percent lower than the average selling price at the Sai Wan Ho project.
“Some homeowners are beginning to accept wider price bargains, which has stimulated more transactions,” said Louis Chan Wing-kit, Centaline Property Agency Executive Director, adding that he predicts sales will jump up in the weeks to come.
Sun Hung Kai Properties’ Imperial Cullinan saw the launch of another 112 flats for sale over the weekend, with 54 flats listed on 24 July for an average price of HK$14,295 psf. Two sets of 29 condominiums were listed for sale on 22 July for HK$12,253 psf and HK$13,210 psf respectively. To date, 65 flats have been sold, with 130 on the reserved list. Approximately 580 of the 650 flats have been sold or reserved.
Sun Hung Kai Properties’ i.UniQ Grand in Shau Kei Wan also launched another 48 flats during the weekend. The 411 sq ft to 850 sq ft units were priced between HK$5.8 million and HK$12.94 million (around HK$14,581 psf).
To contact the journalist, you may send your message to editor@propertyguru.com.sg