Source told, middle floor room B in building 1 of Manhattan Hill with usable area in 1,361 sq ft which was put on sale at HKD 25 million in this February, sold recently at HKD 23.3 million, at price cut of HKD 1.7 million or about 6.8%, with average usable area sq ft price at HKD 17,120. Deducting price for one parking place at HKD 1.8 million, its price was 5% lower than market level. The original owner bought this house at HKD 14.16 million in 2007, and earned book profit about HKD 9.14 million or 64.55% after holding it for seven years.
Middle floor unit of Manhattan Hill was cut by HKD 1.7 million.
In addition, Amoy Gardens recently registered one hurriedly transaction after one case at large price cut of 15% in earlier, and the owner preferred to pay SSD and sold the house in loss. This unit is middle floor room 7 of building F in usable area of 375 sq ft, owner of which preferred to pay 5% of stamp duty seeing future market is unclear, and one young new buyer from same district decided to buy it at HKD 3.8 million since it is in high utility rate and the seller willing to cut about HKD 0.1 million, with sq ft price at HKD 10,133, expressed by Chen Weizong from Hong Kong Property Services.
Chen pointed, the original owner bought this unit at about HKD 3.48 million in October 2012, who lost about more than HKD 20,000 after 5% for SSD, about 2.25% for stamp duty, commission and so on excluding extra expense like counsel fee.
Owner of unit in One WanChai lost nearly HKD 0.3 million.
"Half new project" One WanChai in Wan Chai which was put on sale in 2012 also registered one case in loss. The original owner bought this first hand low-medium floor room F at HKD 6.07 million in April 2012, of which the usable area is 320 sq ft, and sold it at HKD 6.1 million after holding for more than two years, with usable area sq ft price at HKD 19,063 and cover area sq ft price at HKD 14,699. Although the book profit is HKD 30,000, but it actually lost nearly HKD 0.3 million calculating 3.75% for stamp duty, commission and so on.
Chen Yongjie: Market is lack of positive source.
First hand property market still is market focus, of which the price and privileges are attractive grabbing large customer source, at the same time quantity of "bamboo plate" in second hand property market decreased making buyer has less choices, and this caused its transaction slowed down in the past weekend, with City One in Sha Tin had the most obviously decline, transaction of which fell to 1 case from 10 during Ester holiday, expressed by Chen Yongjie, the Asian Pacific Region Residential Department President of Centaline Property. Since there is still no positive source in the market, so it is predicted the second hand property transactions in next month will maintain in low level.
Midland registered about 16 transactions in ten large projects for the past two days, which ranks the second in 28 weeks and only next to 21 cases during Easter holiday. Buyer hopes seller expanding negotiation space and actively visits houses to find suitable property, so some quality "bamboo plates" in large price cut are immediately digested by the market, expressed by Bu Shaoming, the Residential Department Chief Executive Officer of Midland. Another side, owners soften being affected by new projects' booming, leading second hand property transaction warming up by steps. The second hand property transactions will possible increase if the situation maintains.
Ricacorp Properties estimated price cut trend will continue.
The transaction recently is warming up, and it is believed caused by the release of purchasing power accumulated for long time and owners selling house with price cut in succession, pointed by Liao Weiqiang, the President of Ricacorp Properties. Transactions rise because some customers used to focus to new projects flow back to second hand property market after more and more price cut properties appeared, so price cut trend in second hand property market is predicted to continue, expressed by Wu Chuangye, the Senior Executive Director of Hong Kong Property Services.
