The value of commercial property transactions in Hong Kong plunged nearly 32 percent to HK$2.75 billion in July from the previous month, as investors remained on the sidelines ahead of expected interest rate cuts.

And the number of deals edged down by 1.7 percent month-on-month to 238 cases, data from a property agency also showed.

Transaction turnover and volume also decreased by 26.2 percent and 4.8 percent respectively from a year ago.

The value of shop transactions posted a 24 percent fall month-on-month to HK$926 million in July, with the number of deals at 51, two lower than the previous month.

Industrial buildings recorded 155 deals worth a total of HK$1.04 billion, down by 26.6 percent month-on-month and 40 percent year-on-year.

The agency said the sluggish figures in industrial properties were due to a lack of deals above HK$5 million and discounts offered by developers.

(The Standard)

Secondary sales up as new launches take a breather

Hong Kong's secondary market extended a modest rally over the weekend as several new projects took a break from sales.

The number of transactions in the city's 10 major housing estates hit a 20-week high last weekend, according to a property agency.

There were 12 deals over the weekend, up by 9 percent compared to the previous weekend.

It was also the second week of double-digit transactions.

An agent said though the total value of these sales is still at a low level, the market is gaining confidence and prospective buyers are waiting for interest rate cuts, which are expected next month.

Still, some owners sold their homes at a loss.

The owner of a two-bedroom flat at Laguna Verde in Hung Hom knocked HK820,000 off their asking price and took a HK$1.02 million hit on the sale.

In the primary market, CSI Properties' (0497) Topside Residences in Jordan sold six of the 32 flats on offer on Saturday for a total of HK$55.4 million. The project has so far sold a total of 158 flats as of Saturday, fetching CSI Properties a total of HK$1.2 billion.

Though the launch of new homes in the primary market is slowing down, Wheelock Properties will launch a new round of sales this week, after unveiling the fourth price list for 70 flats at Park Seasons in Tseung Kwan O on Friday.

The prices after discounts range from HK$4.53 million to HK$8.45 million and the average selling price is HK$14,819 per square foot after discounts, 2 percent lower than the third list's price average of HK$15,122 per sq ft.

The flats in this list are located in Tower 2B.

Wheelock Properties managing director Ricky Wong Kwong-yiu said the new batch includes 20 one-bedroom flats, 25 two-bedroom units with open kitchens and 25 two-bedroom units with studies.

As of last Friday, around 80 percent of the flats in Wheelock Properties' two projects -- Park Seasons and Seasons Place -- had been sold for a total of HK$4.94 billion.

Elsewhere, Sun Hung Kai Properties (0016) sold 22 flats at Novo Land 's phase 3B in Tuen Mun on Friday, after it put 154 flats on sale.

The flats range from studios to three-bedroom homes and buyers can enjoy a 15 percent discount by paying in cash. Prices for the flats range from HK$3.07 million to HK$8.61 million after discounts, and the price per sq ft after discounts starts from HK$11,399.

(The Standard)

Hong Kong homebuyers spoiled for choice as 10,000 more flats to hit market this year

New flats made available this year will total nearly 20,000, according to a property agency, as developers pin hopes on rate cut to spur sales

Hong Kong developers show no sign of slowing down project launches in coming months even as high interest rates continue to dampen demand for new homes and hold prices down, according to analysts.

Nearly 10,000 flats in 24 new properties are tipped to launch before year-end, matching the 9,911 units put on offer in 27 projects in the first seven months, according to a property agency. Developers were able to sell about 4,800 or a little over 48 per cent of the flats made available to buyers in the January to July period, the agency said.

The long-term supply of new flats in Hong Kong also remains robust, with 1,416 private homes completed in June, a five-month high and nearly 17 times higher than the 80 units completed in May, according to the latest data from the Rating and Valuation Department. In the first half, 7,095 units were completed, a decrease of 6 per cent from a year ago.

In the next three to four years, as many as 109,000 new flats are expected to flood Hong Kong, according to the housing bureau.

“Given the current market inventory exceeding 22,000 new units, developers have adopted a strategy of prioritising sales volume over pricing, to sell the properties actively in the market, in order to maintain a balance between market supply and absorption,” an agent said.

The supply glut is one factor keeping home prices in check. The other is high interest rates, which remain at a 23-year high, as the city’s monetary authorities stay in lockstep with Federal Reserve policy to maintain the local currency’s peg to the US dollar.

Recent launches have been priced lower than comparable flats nearly a decade ago.

In May, the average price of a new class A unit, defined as a flat of less than 431 sq ft, in Yau Ma Tei was HK$20,346 (US$2,611) per square foot, a 10.6 per cent decrease from HK$22,768 in 2015, according to a study by another property agency. Meanwhile, in Kennedy Town, average per-square-foot prices are down 6 per cent to HK$22,022 from HK$23,424 in 2015.

Henderson Land, one of the city’s largest developers, is set to introduce five new residential projects, including Parkwood in Tai Po, No 8 Nam Kok Road in Kowloon City and three joint-venture projects in the Kai Tak area. These projects will offer more than 4,000 units of various sizes, according to a spokeswoman.

So far, the developer has sold about 1,500 units this year, generating almost HK$11 billion in revenue.

“Henderson Land always upholds a strategic approach when launching residential projects, taking into consideration a basket of factors including the market needs, interest rates and economic development,” the spokeswoman said.

Meanwhile, Sun Hung Kai Properties, the city’s largest developer in terms of market capitalisation, said it has sold 1,300 units so far this year, with a total value of HK$17 billion. These flats mainly came from projects such as Yoho West in Tin Shui Wai, The Yoho Hub II in Yuen Long, Novo Land in Tuen Mun, Cullinan Harbour at Kai Tak and renovated units at Dynasty Court in Mid-Levels, Central.

The agent said that with the Fed widely expected to cut interest rates in September, potential buyers could finally be convinced to make their purchases.

“Many potential buyers on the sidelines will look forward to a rebound in property prices, which will also stimulate their desire to buy properties,” the agent said. “As a result, property developers are expected to continue launching new developments to cater to market demand.”

Hong Kong’s home sales declined for the third straight month in July, dropping by 3.4 per cent compared with June, following month-on-month declines of 35.14 per cent and 30.47 per cent in May and June, respectively, according to official data.

Home sales rose 67.2 per cent in March and 115.3 per cent in April following the late February removal of decade-old property curbs including a Buyer’s Stamp Duty aimed at non-permanent residents, a New Residential Stamp Duty for second-time purchasers and a special stamp duty for owners flipping their property within two years.

The Hong Kong Monetary Authority followed with its own easing measures, making homes valued at less than HK$30 million eligible for 70 per cent mortgage financing, compared with the previous cap of 60 per cent for flats valued between HK$15 million and HK$30 million.

“Some developers hold a large number of new projects and unfinished units,” another agent said. “To remain liquid, some developers do not mind adopting a low-price sales strategy, hoping to achieve the effect of small profits but quick turnover.”

For developers with large inventories, the agent said they might opt to wait for the US interest rate review in September before making decisions about launches.

“If interest rates are indeed lowered, I believe the sales will be faster,” the agent said. “As for small single-building projects, they are less affected by interest rates, and developers are expected to wait for opportunities to launch sales at any time.”

(South China Morning Post)

上月工商舖價量齊跌 本港代理行：全月僅錄約238宗

上月市場憧憬減息，投資者觀望，工商舖買賣價量齊跌。有本港代理行資料顯示，上月錄約238宗成交，宗數較6月份微跌，金額錄約29.79億，按年跌約26%。

該行代理表示，據統計，7月份工商舖買賣按月微跌約1.6%，對比2023年同期微跌約4.8%。在缺乏大手買賣下，全月共錄約27.52億，按月減約7.6%，按年跌約26%，去年同期啟德沐泰街7號THE HENLEY地下連一樓以約5.28億易手，令兩者基數相差大。

按年微跌約4.8%

該代理續表示，工商舖個別發展，工廈及商舖分別錄約155宗及約51宗，按月微跌約4宗及約2宗，工廈金額錄約14.5億，按月及按年分別跌約26%及40%，工廈成交以500萬以下細價物業，加上不少發展商低價促銷工商新盤，故整體金額下降。

荃威商場2.18億矚目

商舖金額按月上升約12%， 較矚目為荃灣荃景圍191至195號荃威花園商場3期6樓全層，以約2.18億易手，現時由2間護老院承租，回報逾10厘。

該代理分析，美聯儲局連續8次維持息率不變，美國最新6月份消費者物價指數 (CPI) 連跌3個月至3%，創近12個月新低，就業增長放緩，離通脹回落至2%目標不遠，意味減息周期即將開始，為市況帶來曙光。

(星島日報)

本港代理行：商廈註冊成交按月微升1.9%

商廈成交量維持平穩，有本港代理行發表的最新商廈市場報告指，7月份錄55宗成交，按月微升約1.9%，金額為10.65億，按月增約2.2%。上月亦錄7宗指標甲廈成交以及4宗逾億成交。不過，7月指標甲廈及乙廈售價卻分別按月下跌約1.2%及2.2%。

頻錄大面積成交

7月份商廈市場錄不少全層或全幢物業「大刁」，包括有外資財團以14億買入滙賢一號．雋朗及雋峰。繼觀塘俊匯中心成交後，聯合出版集團「再下一城」，以約2.21億購入灣仔資本中心22樓全層連多個車位。中環區錄一宗全幢商廈成交，怡安集團以約1.8億購入中環E168全幢物業。

租務市場方面，矚目成交包括有財富投資公司諾亞控股以月租約180萬租用銅鑼灣時代廣場一層半樓面，而啟德AIRSIDE再錄租戶進駐，多元化健康生活體驗館以月租約140萬租用該廈兩層樓面。

AIRSIDE兩層140萬租出

該行代理表示，近期甲廈物業價格持續調整，相信部分買家將會以「撈底」的心態入市，預期未來商廈市場將出現不少全層或全幢商廈買賣的大面積成交。目前商廈的成交量與高峰期仍有一段距離，但隨着美國經濟放慢，通脹受控，相信聯儲局將在短期內減息。

一旦港息跟隨美息回落，投資者的資金成本將會降低，有助吸引投資者入市，未來商廈市場上投資者的角色有望增加。

(星島日報)

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