No evidence suggests a sustainable rebound for Hong Kong’s residential property market, according to Lee Shau-kee (pictured), Chairman of Henderson Land.
“The property market as a whole is still not looking good, though some say the market has turned bullish,” said the tycoon, who is otherwise known as Uncle Four.
“The market is still average compared with highs. New home transactions are still not high.”
He noted that there will be no shortage in the mainland and SAR range as the government is allocating sites for both small- and medium-sized flats and luxury residential properties.
Developers have released new flats on the market, following improvements in buying sentiment last weekend.
Wheelock & Co released 12 units at Lexington Hill in Sai Wan. With an average price of HK$12,278 psf (S$1,996 psf), unit sizes range from 785 sq ft to 1,004 sq ft.
Earlier this week, the first batch of 30 flats were introduced at a median price of HK$11,039 psf (S$1,795 psf). According to a source, at least 80 flats have already been reserved, mostly by investors who are focused on Hong Kong Island.
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