Developers bite at secondary sales

Ten major housing estates saw just eight deals, the least in about eight months amid pressure from more launches by developers and rainstorms.

The estates, tracked by Centaline Property, saw only eight deals last weekend, down by 11.1 percent, the third consecutive weekend that transaction volumes have hit single digits and reaching a new low in nearly eight weeks.

Estates that saw no transactions at all narrowed to four: Kornhill in Quarry Bay, South Horizons in Ap Lei Chau, Metro City in Tseung Kwan O and City One Shatin.

Centaline executive director Louis Chan Wing-kit said affordable second-hand housing options are becoming scarce, and buyers are reluctant to pay higher prices, further tilting them toward the primary market.

New properties continued to dominate this month, with most units being priced conservatively and offering diverse options, leading to sustained pressure on the secondary market, he said.

Wheelock Properties’ Park Seasons, phase 12B of Lohas Park, sold 126 of 168 units, or 75 percent, on Saturday in the first round of sales, a modest show compared to nearby Seasons Place’s selloff of all 368 units offered as part of its first round in one day last month.

The 168 units range from 322 to 496 square feet and are priced from HK$4.54 million to HK$7.7 million, with prices averaging HK$14,632 per sq ft after discounts.

Chairman Stewart Leung Chi-kin said Wheelock Properties is also gearing up to launch other projects to meet demand.

Latest plans for a Wan Chai project will be announced as soon as next month.

Onmantin atop Ho Man Tin MTR station, developed by Great Eagle (0041) and MTR Corp (0066), got more than 2,500 checks for 203 units, an oversubscription of about 12 times.

The project yesterday put up 84 apartments for sale by tender on Thursday.

Henderson Land Development (0012) will sell 18 units at The Quinn – Square Mille in Mong Kok tomorrow, after being given occupation permits last week. Prices of some units have risen by up to 4 percent.