Money transferred to parking places speculation Parking place in Kornhill Garden sold HKD 970,000 making new peak record
(reporter Yan Lun-le) It has been two weeks since government launched the strict measures. Although the measures gradually digested by the market, but investors dare not to into the market rashly causing market trading from bad to worse. Midland property gathered the statistics of trading volume during ten large housing projects in weekend and found there were only 9 units sold in past two days. The trading volume decreases 30.8% by week. This is the first time the trading volume falls to single-digital after government launched the measures. But in other side, cases making new highest trade price record appeared continuously and spread from residential property to parking place.
According to Midland property's statistics, ten large housing projects had 9 cases of trades in record the past two days which was 4 cases less than 13 cases last week. Kornhill Garden in Quarry Bay, South Horizons in Ap Lei Chau, Laguna City in Kwun Tong , Metro City in Tseung Kwan and Tsuen Wan Centre all had no trade case. As for the statistics from the other property agent Centaline Property, they also only had 14 cases in record. Although the trade volume increased 4 cases by week but it still stayed in extremely low level.
Midland property: The difference of buy and sale target price is obvious.
Chen Kun-xing, the executive director and group housing department chief executive of Midland group expressed, new measures are gradually digested by the market. It is in uptrend that non local users paying tax to buy properties not fearing the BSD. Second hand owners' attitude also start to relent and the negotiation space is enlarged. But the difference between owners' asked price and buyers' target price is still obvious which drag back the trade volume of this weekend.
The trade volume of ten large housing projects stays in low level, but it is worse if compared by month. Zhao Hong-yun from Centaline Property expressed, blue-chip housing Taikoo Shing in HK Island district only sold about 4 units since this month which was fall 75% compare to 16 units in same period last month. Now the owners who have stronger intention to sale properties already willing to supply 2%-3% negotiation space. Li Zong-wen from Centaline Property also pointed out, City One Shatin has 9 units sold since this month until now. According to the data, the trade volume in same period last month was about 20 cases. The fall range is 55%.
Wu Chunag-ye, the senior executive director of Hong Kong real estate said, second hand property visiting and trade volume in every district are still "frozen". The strict measures did not largely swayed the owners asking price attitude. It is believed that the second hand market deadlock of " price stable volume falls" is hardly be breakthrough in short term.
Le Sommet and Garden Rivera both made new highest records
In fact, there was case making new highest sq ft price record yesterday. Source told, room 2, middle floor, building E of Garden Rivera in Sha Tin of which the cover area is 385 sq ft sold at HKD 2.84 million and the sq ft price was HKD 7,376 making new highest record in sale price and sq ft price. The high floor feature unit in building 1 of Le Sommet in North Point with cover area in 2,026 sq ft sold HKD40.3 million and the sq ft price was HKD 19,891 making new highest record in sq ft price.
Wu Chunag-ye continued said, since strict measures increase the constraint of buying second hand properties, it makes many buyers transfer to invest parking places. The new and second hand parking places are hot and the trade price is in uptrend. It shows under situation that low interest and capital finding way out, the appeal and demand of parking place investment are rising.
Market participant revealed, Kornhill Garden in Quarry Bay and Ocean Shores in Tseung Kwan had parking places sold in succession and both make new highest record in one week. The parking place in Kornhill Garden sold up to HKD 968,000 and the monthly rent is about HKD 2,300. Phase 2 of Ocean Shores in Tseung Kwan also had parking place sold at about HKD 1.1 million and the current rent of parking place in Tseung Kwan is above HKD 3,000.
Number of "parking place visiting" in West Kowloon is double rising
Zhang Zhi-wen from Hong Kong real estate expressed, after the strict measures took effect, the "parking place visiting" volume rises about one time compare to volume before measures launched. The projects which supply parking places in the district including The Pacifica and Banyan Garden have more than 10 cases parking place trade in record this month. Thereinto, Banyan Garden sold one parking place at sale price up to HKD 1.06 million in the past two days.
