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Hong Kong’s total property sales surged to US$10.6 billion in April, highest in 23 months, property agency predicts

Total sales, including homes, shops, industrial units and parking spaces, hit their highest monthly level in almost two years as buyers bet on the local economy bouncing back from recession.

Used homes fared much better than new units, with an estimated 5,800 flats changing hands for HK$50 billion.

Hong Kong's total property sales, including homes, shops, industrial units and parking spaces, may have soared to their highest monthly level in almost two years as buyers bet on the local economy bouncing back from recession amid a decline in coronavirus cases.

The number of property transactions in April climbed to 9,100 deals with a total value of HK$82.5 billion (US$10.6 billion), according to an estimate by property agency on Sunday.

Official data from the Land Registry will be released in the next few days.

The property agency’s forecast represents a 0.4 per cent rise in the number of deals from March’s 9,067 deals, and a 5.7 per cent increase in value from HK$78 billion.

“Both sales volume and value will be the highest since May 2019,” agent said. That month saw 10,353 deals with a total transaction value of HK$90.3 billion.

In the residential market, the agent said sales of second-hand homes had outperformed those of new units.

The agent said there was a sharp rebound in demand for used homes last month, with an estimated 5,800 flats changing hands for HK$50 billion. That would be the largest number of transactions in the secondary market since October 2012, when 5,994 deals were closed.

Sales of new homes did not fare as well. The number of transactions dropped 34.7 per cent to about 1,000 last month, while the total value tumbled by a fifth to HK$16 billion, the property agency’s estimated.

Hong Kong will experience “considerable growth” in its economy in the first quarter of the year, but the Covid-19 pandemic will still be a hurdle on the path to recovery, Financial Secretary Paul Chan Mo-po wrote in his official blog on Sunday.

The government is expected to reveal its projection for first-quarter gross domestic product on Monday.

Kingswood Villa in Tin Shui Wai, where flats cost as little as HK$10,000 per square foot, was the most actively traded housing estate with 63 homes changing hands last month, according to the property agency’s estimate. City One in Sha Tin saw 47 transactions completed, making it the second-most popular housing estate, followed by Taikoo Shing with 45.

On the Labour Day holiday weekend, buyers splashed out more than HK$5.4 billion snapping up close to 380 units of the 500 on offer across the city. It was the biggest weekend for property sales in seven months.

To capture the positive sales momentum, developers have raised prices for the next batch of units to hit the market.

Road King Infrastructure said it raised the prices of the next batch at its South Land project adjoining the Wong Chuk Hang MTR station by 11 per cent on Sunday, after all 240 units sold a day earlier for a total of HK$4.6 billion.

It has released 180 units at an average HK$33,103 per square foot, up 11 per cent from the launch price of HK$29,680 per square foot.

South Land was jointly developed by Road King, Ping An Insurance and the local subway operator MTR Corporation.

Meanwhile, Sino Land said it had raised HK$830 million from the sale of 121 units at its joint venture project, One Soho in Mong Kok, on Saturday. It plans to release another 78 units for sale on Thursday.

(South China Morning Post)


Buyers pile into Hong Kong’s biggest weekend property sales in seven months as they park their investments in fixed assets

Increased investor interest was seen in Saturday’s sales of three newly released projects in Hong Kong

Investors and owner-occupiers snapped up 379 flats, or 76 per cent of the 500 units on offer across the city as of 8.40pm, according to sales agents

Buyers piled into Hong Kong’s biggest weekend property sales in seven months, snapping up new homes on offer at three locations across the city over the Labour Day holiday weekend, as they set aside concerns of a flare-up in coronavirus cases to park their investments in fixed assets.

Investors and owner-occupiers bought 379 flats, or 76 per cent of the 500 units on offer across the city as of 8.40pm, according to sales agents. The total tally excluded 10 luxury units which were sold without price guidance, the results of which will be disclosed next week.

Road King Infrastructure Limited sold all 240 flats at its South Land project at the Wong Chuk Hang subway station. The first apartment project to sit atop a major subway station in about three decades received 5,500 bids, or an average of 22 buyers registering their interest for every available unit, with one family splashing HK$200 million (US$25.8 million) for eight units of South Land’s three-bedroom apartments, agents said without identifying the buyers.

Brisk sales were also reported at Sino Land’s One Soho project in Mong Kok, where 121 of the 168 apartments found buyers. Sun Hung Kai Properties (SHKP), aiming to repeat its 90 per cent sell-out launch from last weekend, sold 18 of the 82 apartments on offer at phase two of its Regency Bay development in Tuen Mun.

The bull run in the residential property market underscores the economic conundrum amid raging coronavirus pandemic: the torrent of cheap money unleashed by global central banks to bolster the world economy finding its way into the stock market and fixed assets, as investors seek higher returns for capital. Hong Kong’s economy is struggling to claw its way out of the worst contraction on record, and the city’s jobless rate is at a multi-year high.

“The sales progress of the three projects can be regarded as hot,” property agent said. “Purchasing power is increasingly being released as people worry that money will depreciate amid low interest rates, and they prefer to invest it in property.”

One in three buyers at One Soho was buying the flat to rent out, the agent said. Regency Bay tends to attract customers who are buying the homes to live in and we are estimating that 80 per cent of buyers were owner-occupiers, the agent said.

Hong Kong’s home prices have been edging upwards in recent months, as the Covid-19 outbreak tapers off while the number of vaccinations rose. The monthly home price index may rise by 4.6 per cent in the second quarter, according to another property agency, forecasting that the gauge could climb to a record in May or June.

An influx of new immigrants, mainly from mainland China, also bolstered home sales. The price index for lived-in homes rose to a 20-month high in March as rich investors and buyers turned bullish about the local market.

South Land was jointly developed by Road King, Ping An Insurance and the local subway operator MTR Corporation. The flats on offer ranged from one-bedroom units to three-bedroom apartments, priced between HK$11.5 million and HK$32.4 million each, or HK$27,005 to HK$38,155 per square foot.

One in two customers at the project was buying for investment, agent said. “The investment potential is huge, with the rental return at around 0.3 per cent,” the agent said.

In contrast, One Soho featured smaller, one-bedroom studios priced between HK$7 million and HK$8.2 million after a 14.5 per cent discount. The price range attracted mostly younger buyers, agents said.

At Regency Bay, 74 units were for first-come-first-served today, with prices between HK$5.7 million and HK$8.7 million, and between HK$17,192 and HK$20,310 per square foot. The other eight were for undisclosed bids without price guidance.

(South China Morning Post)






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