Deals for new homes surge 13-fold in 8 days: Midland

Deals for new homes in Hong Kong have surged more than thirteenfold following the removal of all housing curbs eight days ago, says Midland Realty.

The realtor added that second-hand deals at 35 housing estates had also trebled over the same period, while raising its forecast for March to 5,000 transactions.

In the primary market, Sino Land (0083) sold 59 flats for around HK$580 million in the past eight days while Henderson Land Development (0012) recorded 247 deals and cashed in HK$1.4 billion from 138 flats at Belgravia Place in Cheung Sha Wan.

Moreover, Belgravia Place received about 5,400 checks by 3.30pm yesterday for 208 flats in the second round, making them 24 times oversubscribed.

Sales of this batch start today.

One Victoria in Kai Tak, developed by China Overseas Land & Development (0688), reported eight deals yesterday.

In Yuen Long, Star Properties will put 60 flats at After The Rain for sale on Saturday, with the cheapest priced at HK$4.34 million after discounts.

Elsewhere in Fo Tan, The Arles has delayed the sale of 100 flats to Sunday with developer Centralcon Properties saying it will raise the prices slightly.

Sun Hung Kai Properties (0016) unveiled the first sales for Cullinan Harbour in Kai Tak yesterday, and will offer 68 flats by tender next Wednesday.

In the secondary market, investors are rushing to snap up low-priced flats under HK$3 million after the removal of housing curbs. A 288-square-foot three-bedroom unit at Cosmopolitan Estates in Tai Kok Tsui, which earlier had an asking price of HK$2.45 million, sold for HK$2.55 million due to surging demand.

It comes as the number of completed private homes amounted to a two-year high of 3,593 units in January, accounting for 16 percent of the full-year forecast, data from the Rating and Valuation Department showed.

And more supply is on the way, with Chinachem obtaining the pre-sale consent for 198 units in Cheung Sha Wan, according to the Lands Department.

As of February, 21 projects are waiting for pre-sale approvals, involving 9,229 units, up by 20 percent from January’s 7,717 flats.

CK Asset (1113) is expected to launch Phase 3 of Blue Coast in Wong Chuk Hang soon.