Hong Kong's primary property market remained buoyant over the weekend in spite of the hawkish US interest rate hike but the number of transactions in the secondary market shrank further.
Henderson Land Development (0012) had sold at least 121 out of 182 flats on offer in the first round of sales at Baker Circle Dover in Hung Hom over the weekend.
The developer pulled in over HK$847 million in sales and plans to launch more batches with price hikes soon, said Thomas Lam Tat-man, a general manager of Henderson's sales department.
The project offers 324 flats, including 84 studios, 194 one-bedroom, 42 two-bedroom, and four special units, with sizes ranging from 180 square feet to 569 sq ft. It is also phase 1 of The Baker Circle One - the first phase of the three-phase The Baker Circle redevelopment which will provide a total of 2,800 flats.
In Tai Po, all 110 units on sale at Sun Hung Kai Properties' (0016) phase 1 of Silicon Hill were sold out. The developer released the sixth price list yesterday, which proves 58 units at an average price per sq ft of HK$18,147 after discounts. The batch, which includes homes ranging from 217 sq ft to 578 sq ft, is priced from HK$3.85 million to HK$10.03 million after discounts, or from HK$17,079 to HK$19,773 per sq ft.
The secondary market, however, saw only five deals across 10 major housing estates, according to Centaline Property Agency. The number was 28 percent lower than last week and hit a 15-week low with five estates recording no deals at the weekend, the agency said.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division, said the market has recently been full of negative news such as the rebound of Covid infections. Also, the public also needs some time to digest the implications of the US rate hike which increases the cost of buying properties even if the prime rate remains unchanged, he said.
Chan believes the 200-odd transactions in the first-hand market reflected the restrained pricing of new homes which attracted buyers away from second-hand deals.
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