Hong Kong’s 10 major housing estates saw only four deals over the weekend, with seven estates reporting none at all, as the secondary market remained squeezed amid new project launches, Centaline Property said.
The number was 20 percent down from the previous week’s five deals, it said.
Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline, said buyer confidence has weakened due to a lack of favorable factors recently.
Meanwhile, developers are offering new flats with greater discounts than those offered in the secondary market, which drove buyers towards the primary market, Chan added.
Rival Midland Realty posted six transactions at 10 blue-chip estates during the weekend, down by 14 percent week-on-week.
The secondary market will remain soft due to uncertainty in interest rate cuts and abundant supply of new flats, said Sammy Po Siu-ming, Midland Realty’s chief executive for the residential division for Hong Kong and Macau.
On the other hand, Po noted the rental market will see support amid an influx of mainland students and professionals into Hong Kong as peak rental season starts.
In the primary market, Sun Hung Kai Properties (0016) said its new project Novo Land phase 3B in Tuen Mun sold 85 percent of the 160 flats on offer during the first round of sales.
The developer expects to put another batch of flats on the market this week and will launch the second round of sales soon.
SHKP deputy managing director Victor Lui Tin said the group’s property sales in the first half of the year were expected to be around HK$15 billion, adding that the third quarter will see the launch of its luxury residential project at 233 Prince Edward West in Ho Man Tin and Cullinan Sky in Kai Tak.
Hong Kong United Times丨香港聯合時報丨HKUT 