By Zhou Ying (Hongkong Wenwei po) Now that global economic prospect is still unclear, and administration report is to be released this Wednesday. Besides, according to statistics of Midland Realty, only 8 units of the 10 estates were sold last weekend, a 11% decrease by week and 6 estates recorded zero transaction. Transaction figure remained low below 10 units on consecutive three weeks. Several property owners even slashed the price by 10% to cash out.
According to statistics of Midland Realty, only 8 units of the ten estates were sold last weekend (a 11% decrease by week) , a sign that transaction is lingering below 10 units 3 weeks on ends. 6 of the 10 estates were unsold, and the only 4 transacted units were located in Taikoo Shing， Hong Kong island；Mei Foo Sun Cheun，Kowloon; City One in Sha Tin, New Territories and Kingswood Villas,Tin Shui Wai. Thereinto Kingswood Villas had 5 units sold, on top of the ten estates.
Besides, 10 estates of Centaline Property Agency Limited recorded 18 transactions last weekend, a sharp rebound by week. Despite a huge transaction increase, total transactions remain relatively low due to a small base number of last week.
Pierhead Garden cut the price by 12% to cash out
Chen Shihao of Centaline Property notes that 5 feature households of Pierhead Garden in Tuen Mun District, which cover an area of 734 square feet and face southeast with enjoyable sea scenery were transacted with HKD $3.23 million, or 4,400 HKD $per square foot. Property owners started selling at early August at HKD$3.7 million, and that was lowered to HKD $470,000 with a decrease of 12.7%. As is known, the owner bought the property at HKD$2.3 million in 1996 and gained a benefit of HKD$ 930,000, a 40% of the original price.
Chen Kaichao of Centaline Property says that Room B in the middle level of building 2 in Grand Promenade, Sai Wan Ho is 922 square feet large, with 3 rooms separated from which one gets a view of future cruise terminal. The owner originally bid HKD $12.5 million, and then reduced it to HKD＄11.9 million, with about HKD %12,907 per square foot and a decrease of 5%, which is slightly lower than the market price. The buyer was an investor. He expected rent at HKD$360,000 and rental rate of 3.6 per square foot. The original owner bought the property with HKD $8.3 million and gained HKD $3.6 from the transaction with a 43% appreciation per square foot.
Harbour Green decreased by HKD $1.1, lower than market price by 13%
Feng Shuxun of Ricacorp properties says that Room C, building 5 of Harbour Green in Olympic station has three separate rooms and an area of 701 square feet. It was originally sold at a price of HKD $7 million. Affected by the market mood, the property owner slacked the price by HKD 1.1 million to HKD$ 5.9 million with HKD $8,417 per square foot, which is 13% lower than market price. The seller is known to have bought the property with HKD $4.9 million last February and gained a profit of HKD $ 1 million, or 20%.
Cai Peihua of Centaline Property says Room C on the higher floor of building 7 in Royale,Yuen Long district covers 876 square feet. The owner bid a low price and it was transacted at HKD $2.638 million, or HKD $3,011 per square foot, lower than market price by 12%. The buyer was an investor in the district. It is known the owner bought the property at HKD $2.241 million in October, 1998 and gained a profit of HKD $ 397,000 or an 17.7% appreciation.
Price of two-room apartment of Park Island decreased by HKD 310,000 in two months
The owner of a two-room apartment of Park Island reduced the price by HKD $ 312,000 in a month. Liang Xiaoyang of Centaline Property says Room A in the middle floor of building 29, Park Island has 2 rooms and an area of 622 square feet. It was transacted at HKD $3.168 million with HKD $5,098 per square foot, lower than the market price by 5%. The seller originally bid HKD $3.48 million last month and reduced it by HKD $312,ooo. He bought the property at HKD 2.142 million in December, 2007 and gained 47.9% at HKD$1.026 million.
