(By Huang Cuihua)
During the past weekend, first hand and second hand property transaction was just so so, and second hand large project transaction still kept in low level. The market is not active, but polarization appears. One side, a three room unit in Sha Tin City One sold at HKD 9.068 million, up to the latest peak in this project since the beginning. Another side, The Palazzo which also in Sha Tin has transaction lost nearly HKD 2.5 million recently.
Room A in 14th floor of Sha Tin City One viewing river sight, in usable area of 819 sq ft and in layout of three rooms just sold at HKD 9.068 million, with usable area sq ft price at HKD 11,072, Huang Jinhan from Midland said. The transaction price up to the latest peak in this project since the beginning, and it is the second transaction above HKD 9 million, while the first was a three room unit connecting with terrace being sold at HKD 9 million in this January.
In addition, Centaline registered one transaction at high price in Taikoo Shing last weekend, which was a three rooms unit with suite in usable area of 922 sq ft being sold at HKD 16.13 million, with usable area sq ft price at HKD 17,495, up to the latest highest in same style. The original owner gained profit at HKD 5.13 million after holding it for four years.
Transaction price of HKD 4.6 million in Ching Wang Court is second to the highest record.
Besides private property price is in high level, Home Ownership property transaction price also is rising in these years. There was one transaction in Tsing Yi Ching Wang Court base on green form market. A low floor unit in building A with usable area in 650 sq ft sold at green form price HKD 4.6 million, the second highest price of this project, which is HKD 30,000 less than the highest made in last August.
However, property market trend is not in one direction. Top floor unit connecting terrace in building 11 of Fo Tan The Palazzo sold at HKD 43.68 million, and the usable area sq ft price is about HKD 28,090 base on usable area in 1,555 sq ft and cover area in about 2,198 sq ft, Li Zijie from Ricacorp Properties expressed. It is known, the seller bought this unit at HKD 46.158 million in May 2008, losing HKD 2.478 million or about 5.4% during this transaction.
Ten large projects from Centaline and Midland still have low transaction number.
Last weekend, Centaline registered 11 transactions from ten large projects, down 8.3% by week, and 4 projects among had no transaction. First hand projects come out more and more making first hand property market hot, while second hand property transaction is up and down, the Asian Pacific Region Residential Department President of Centaline Property, Chen Yongjie expressed. Buyers' confidence is stronger, but they still actively bargain, however if owner makes some concession, then transaction will be achieved, plus with there are more people changing house by arbitrage of stock, leading quality feature house more popular.
Midland registered 11 cases from ten large projects, rising 57.1% to the latest top for five weekends. New projects are less on this weekend, so second hand property took the advantage and gained nice transaction, Chief Executive Officer of Midland Residential Department Bu Shaoming expressed. There are many large new projects waiting to be launched, and their prices are attractive, so it is predicted first hand property market will still be the main trend, he pointed. Furthermore, People's Bank of China decreased deposit-loan interest rate by 0.25%, which will stimulate property and stock market under money flood, and it must bring more transactions.
Ricacorp Properties promoted 16 transactions last weekend, up 14% by week. Second hand property market is warmer after the May Day holiday, plus there is no large new project in first hand property market yet, so some buyers turn to second hand property market, leading transaction increases, Ricacorp Properties President Liao Weiqiang expressed. However, there will be more new projects into the market in future, which will attract market attention and drag some purchasing power from second hand property market.
