The market lacks of large new projects and most of the new projects are mainly stocked. The selling continue dull. There were only 21 units sold yesterday. Thereinto, the Reach in Yuen Long which additional launched units yesterday sold 12 units. The Avery in Kowloon City sold 1 unit to a mainland customer who need to pay HKD 925,000 of BSD by record. The industry estimated, the new selling policy for new residential unit will take effect from 29th April. Developer normally may wait a period of mitigation before opening new project. It is estimated that the new project quantity in the second season will much less than expected and the warm up will not show before July.
The Reach which suits to young new buyers sold 12 units and it was the one which had best selling.
Among the new projects which were put on sale yesterday, The Reach which mainly are units at small cost and suit to young new buyers had best selling. It sold 12 units. Source told, CADOGAN in Kennedy Town also sold 2 units which are room A in 20th floor and room E in 21st floor. The sale price of room A, 20th floor was about HKD 20 million. The cover area of it is 1,183 sq ft and the usable area of it is 915 sq ft. The cover area sq ft price was nearly HKD 17,000 and the usable area sq ft price was HKD 21,800. As for room E in 21st floor, the sale price was about HKD 17 million. The cover area of it is 969 sq ft with cover area sq ft price at HKD 17,500. The usable area of it is 732 sq ft with usable area sq ft price at HKD 23,200.
CADOGAN sold 2 units at totally HKD 37 million.
Yang Cong-yong, the general manager of KOWLOON DEV marketing and sales department expressed, CADOGAN opened some sample flats of duplex sky house to VIP customers yesterday. 100 groups of customers visited and 10% among are foreign customers. He believed, the market still has investing demand. New projects in HK island district are less. MTR West Island Line will service next year. Sun Hung Kai’s Imperial Kennedy in same district already uploaded the brochure and will possible be launched in this month. It also help to attract market focus. He pointed, they will let potential buyers know about the property information of high floor feature units in CADOGAN first, and put on sale the units later in short term.
Source also told, Providence Bay which developed by Sino and etc in Tai Po sold room A, 6th floor, building 11 at HKD 18.439 million. The usable area of it is 1,392 sq ft with the usable area sq ft price at HKD 13,246. The cover area is 1,787 sq ft with the cover area sq ft price at HKD 10,318. As for The Avery which is same series in Kowloon City, one mainland customer bought room A, 18th floor at HKD 6.173 million. The usable area of it is 305 sq ft with usable area sq ft price at HKD 20,239. The cover area of it is 423 sq ft with cover area sq ft price at HKD 14,593. The buyer need to pay HKD 925,000 of BSD. In addition, one Hong Kong customer bought room A and B, 9th floor, Parkes Residence in Jordan from Chuangs Consortium at about HKD 10 million.
Huang Liang-sheng, the senior associate director of Centaline Property research department pointed, until 11th in April, the registered quantity of new private house’s trading was 502 cases by record with total amount of HKD 3.13 billion. It is predicted that it will up to 700 cases and HKD 4.2 billion in the whole month which will separately decrease 34.7% and 48%. It is estimated that the trading quantity will be the lowest in 3 months after this January when the trading quantity was 605 cases. While the total amount will be the lowest in four months. It is showed that Green Code in Fanling which suit to young new buyers started to be put on sale during March. This made the trading of new house be supported.
Adapt to new policy. It is estimated that the quantity of project which will be launched in this season will sharply decrease.
However, Wang Hao-cong, the director of Central Plains New Territories region department expressed, developers make effort on selling stock units before the new residential property selling policy take effect on 29th April. The selling just so so. It is believed that developer need a period of mitigation after the new policy take effect to avoid any breach of rules. It is estimated the quantity of project which will be launched from May to June will less than expected. The trading of second hand property will also decrease because most owners are not willing to reduce the price. It is estimated that the warm up will not possible happen until the second half year.
