2025-02-21 28Hse Editor
The city's second-hand transactions witnessed a rebound over the weekend after the reduction of property cooling measures. However, both new projects and second-hand flats still recorded price reductions.
According to Centaline Property, there were seven deals in 10 blue-chip housing estates over the weekend. Similarly, Midland Realty recorded eight transactions in 10 blue-chip housing estates. Both real estate agencies recorded a small increase from the previous weekend.
Real estate agencies have noted that market uncertainties are diminishing as new projects set cheaper prices, with second-hand homeowners willing to lower prices.
At Mei Foo Sun Chuen in Lai Chi Kok, a 701-square-foot three-bedroom flat initially listed at HK$7.2 million in September but experienced a price drop of HK$800,000 over two months. Eventually, it was sold for HK$6.4 million, equivalent to HK$9,130 per square foot. This resulted in a loss of about HK$300,000 for the seller, who purchased the flat a decade ago for HK$6.7 million.
Turning to the first-hand market, Emperor International (0163) listed 85 units for SouthSky in Aberdeen, with three flats tendered on Saturday. Out of the 34 flats sold, the first batch was priced between HK$4.4 million and HK$7.93 million after discounts, or HK$15,390 to HK$19,820 per square foot.
Yesterday, sales of 212 units commenced for the first phase of the KT Marina in Kai Tak, with 60 flats sold. A joint development by K Wah International (0173), Wheelock Properties, and China Overseas Land and Investment (0688), the first phase's flats range from HK$5.75 million and HK$15.46 million after discounts, or HK$17,987 to HK$26,384 per square foot.
Meanwhile, Swire Properties (1972) sold a unit at Eight Star Street in Wan Chai for HK$46 million, or HK$50,383 per square foot. So far, 92 per cent of the flats available (34 out of 37 homes) have been sold.
According to Midland IC&I, Land Registry data revealed a nearly 20 percent month-on-month decline in the number of commercial properties sold and their cumulative value in October.
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