Hong Kong home sales delayed during National Day holiday after developers lift prices

Hong Kong home sales, now dominated by new projects, slowed during a National Day holiday as buyers incited discreet after developers lifted prices by as many as 10 per cent within a month, attention experts said.

In a primary residential market, about half of a estimated 350 new flats accessible had been sole in a 4 days to Sunday, according to information from developers and a Hong Kong supervision website.

In a delegate market, realtor Midland Realty pronounced 11 exchange were available during 10 vital housing estates it monitored over a weekend, 15 per cent down from 13 deals a prior weekend

Among new plan launches, Henderson Land Development had sole about 32 of a initial collection of 68 apartments during a small-flat growth Seven Victory Avenue in Ho Man Tin as of 5pm Sunday, according to marketplace sources. It has purebred 200 meddlesome buyers forward of a sale.

“Prices of new flats have turn aloft compared to June,” pronounced Louis Chan, handling executive of Centaline Property Agency’s residential department.

Chan pronounced Centaline available elect income some-more than HK$1 billion in a third quarter.

He projected 60 to 70 per cent of a initial collection of units during Seven Victory Avenue would be snapped by buyers. A 161 block feet “tiny flat” was not enclosed in a sale of a initial collection of units.

Developers lifted prices after generating strenuous response during many new plan launches. In Sep alone, some-more than 3,300 units were sold, a top monthly sales figure in 10 years.

There were identical sales responses during other tiny prosaic developments over a weekend.

On Saturday, Sun Hung Kai Properties pronounced it sole 37 of a 57 fifth collection of units during Lime Gala in Shau Kei Wan during an normal ignored cost of HK$19,417 per sq ft, that was about 10 per cent aloft than a normal launch cost of HK$17,732 per sq ft early final month.

On a same day, Henderson Land sole 4 out of a second collection of 10 flats during One Prestige in North Point after augmenting prices by 2 per cent from a initial batch.

Sammy Po, arch executive during Midland Realty’s residential department, pronounced half of a buyers during a Seven Victory Avenue growth were investors.

Prices during Seven Victory Avenue were HK$19,354 to HK$24,232 per block feet for a initial collection of 68 flats. Factoring in discounts of as many as 5 per cent, a cost of a prosaic will dump to HK$18,386 to HK$23,020 per block foot, or HK$3.74 million to HK$8.09 million.

Richard Lee, arch executive during Hong Kong Property Services, pronounced a decrease in sales of used homes was since owners possibly lifted prices or hold behind from offered in perspective of a shopping frenzy of new flats final month.

However, Hong Kong Property available dual deals in a delegate marketplace on a weekend.

“Several new projects put on sale during a National Day holiday have lured home buyers divided from a delegate market. The series of weekend exchange was a lowest in a past 34 weeks,” Lee said.

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