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Old Posted Feb 28, 2012, 2:16 AM
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hkskyline hkskyline is offline
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Deals so thin during record low weekend
The Standard
Wednesday, December 28, 2011

The property market over the long weekend was the quietest on record.

According to Midland Realty, a total of 16 deals were struck at the 10 benchmark residential projects over the four- day Christmas weekend, a far cry from 67 last year and 80 in 2009.

It is also the first Christmas weekend since 2008 to see zero deals in some of the benchmark projects - Laguna City in Kwun Tong, Whampoa Garden in Hung Hom, and Metro City in Tseung Kwan O.

A homeowner slashed HK$250,000, or 6 percent, off the asking price before selling a 706-square-foot, two-bedroom flat at Park Island, Tsuen Wan, for HK$3.85 million.

The per-square-foot price of HK$5,453 is 5 percent lower than elsewhere in the neighborhood.

"Homeowers in the area generally allow deeper price cuts to seal deals," said Sunny Leung, a Centaline agent.

"A lot of the potential buyers had left Hong Kong for vacation, which lowered the number of home viewings," said Midland Realty vice chairman Albert Wong Kam-hong. "Some new projects are about to start selling, resulting in buyers' attention turning to the primary market."

Sino Land (0083) is set to see robust demand for the first batch of 50 flats at The Coronation in West Kowloon. The flats - of between 510 and 1,492 sq ft - cost HK$13,688 psf on average. Sales are expected to start on Friday.

The project, near the future Guangzhou-Shenzhen-Hong Kong express rail link station, will provide a total of 740 units.


Cheung Kong (Holdings) (0001) sold around 26 units at Festival City 3 in Tai Wai. Nearly 500 out of 1,536 flats at the project have been sold.

The project attracted around 20,000 visitors at the weekend, the developer said.

Wang On Group (1222) sold two flats at The Met.Focus in Hung Hom. Around 30 of the 53 flats have been sold.
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