Hongkong’s homebuyers are now being offered Mother’s Day discounts, after large numbers of viewers flocked to new projects over the Labor Day holiday.
The first three buyers purchasing a two-bedroom unit at The Vertex in Cheung Sha Wan through Ricacorp Properties will receive a HK$38,888 travel coupon on a first-come, first-served basis before May 31.
The project, developed by Twin City, has so far sold 370 flats.
Willy Liu Wai-keung, the chief executive at Ricacorp Properties, said the market has been active recently and the pace of sales is quickening.
In Ho Man Tin, a three-bedroom unit at St George’s Mansions sold for HK$63.8 million, or HK$34,674 per square foot. Fortysix units at the project developed by Sino Land (0083) and CLP (0002) have so far been sold for a total of HK$5 billion.
Meanwhile, The Yoho Hub II atop Yuen Long MTR Station opened for viewing yesterday after the developer released the first price list of 188 flats at prices that are, on average, 28 percent lower than the previous project in the district. The average price stood at HK$14,338 per sq ft, and the cheapest flat costs HK$6.83 million.
Despite a recovery in property transactions after the removal of stamp duties, negative equity continued to increase in the first three months as developers cut prices to stimulate buying.
The number of negative-equity cases involving residential mortgage loans rose 27 percent in the first quarter to 32,973 from the previous quarter to hit a 20-year high, Hong Kong Monetary Authority said.
HKMA said that although home prices rebounded 1.1 percent in March, this has not been reflected fully in the negative equity figure.
Hong Kong United Times丨香港聯合時報丨HKUT 