Hong Kong's Wen Wei Po (Reporter Leung Yuk Cum)As affected by the traditional Lunar New Year holiday season,the developers keep on launching out the sales with free of taxes and other concessions in the first season of this year,the new property sales involved only about 3,000 units only,greatly reduced by 40% quarterly.The industry is expected to have eight new properties will be launched out the sale in this season,as affected by the haze of early rate hike by the U.S. or the negative factors of the land failed the bids, etc., industry estimates the new property sales in this season will be lower than the first-hand property sales continuously in order to attract buyers to but the properties,the trading volume is expected rose to 4,500 cases of the normal level and the transaction volume of the second-hand properties will be rose to 3,500 cases per month,the turnovers during the season will be rose to the level of about 10,500 cases,the overall property prices are expected to be fell 5-10% in the season.
As for the outlook of the season,the market is expected to be launched about eight new properties on sale,including COHO in Causeway Bay,City Point in Tsuen Wan West Station,Nam Shan Phase 1 in Tai Po,Fanling LONG HILL,Minden Avenue,Tsim Sha Tsui Kai Yu,and MAYFAIR BY THE SEA Phase 1 and 2 in Tai Po Pak Shek which are applying for sale floor paper.Of which COHO by SOUNDWILL in Causeway Bay has announced the price list of the first batch of 30 units and will put up for sale on Friday night,LONG HILL by SHKP in Fanling has been uploaded the sale brochures last night,according to the sales brochure display,the units of this property project with a salable area ranging from 511 feet to 1,726 feet.
Chan Wing Kit said that the prices of first-hand property sales need to be 30% cheaper than the second-hand property prices
Centaline Asia Pacific Residential Department President Chan Wing Kit said that as the Lunar New Year holiday factors,the transaction volume of the first-hand and second-hand properties can be regarded as the darkest of times,however,stepped into the second season of this year,the developers need to keep on launching the property sales in order to meet the targets, but there are expectations of the U.S. Federal Reserve to raise interest rates next year in spring and other negative emotions are increasing,so the first-hand new property prices need to have 30-40% lower than the second-hand property prices in order to attract the buyers,it is expected that the transactions volume of first-hand properties are expected will rise to a level of about 4,500 cases in this season,as for the second-hand property market,he believed that as the buyers hold a mentality of 'buy the property later with a cheaper prices',the asking prices by the owners may have to extend the bargaining space of more than 10% in order to attract the buyers,the trading volume could rise to 3,500 cases per month ,it is expected to have 10,500 cases recorded in this whole season and it is expected that the overall property prices will fall 5-10% in the season.
Midland realty chief analyst Lau Ka Fai also said that the market is now flooded with a number of adverse factors,the developers still have to launch out the property sales with free of stamp duty in order to speed up the pace of sale,the premium of first-hand properties was close to the current prices of the second-hand property,the second-hand property owners who wanted to sell their flats should also be discounted the prices and changed hands,it is expected that the overall property prices in the whole year will fell 5-10%,which expanding to 10-15%.
The new batch of 93 units of Trinity Towers in Cheung Sha Wan which have launched out the sale with an original prices last Saturday afternoon,will be on sale at 5:00 pm on this Friday evening,will stop receiving votes as of 9:00pm this Thursday,this batch of additional units can be accepted to enter the votes with company names,each people or company (either alone or with others)can be entered two of the 'buying flats intention registration'Sources,this batch of units have accumulated for about 300 votes,recorded 2.2 times over-registration.
As the performance of receiving votes of COHO was hampered by the heavy rain,so the performance of receiving votes was general
As for the first batch 30 units of COHO in Causeway Bay which will stop receiving votes on this Friday and will be started balloting for the sale on that night have started receiving votes from yesterday,each person can enter 4 votes as the most,but as affected by the heavy rain,so the reaction was general,the demonstration unit which located in the Soundwill center of Causeway Bay have opened starting from yesterday.SOUNDWILL executive director Chan Wai Ling said that it including a modified demonstration flats and an unmodified demonstration flat,the unit was a Flat B unit in 28th Floor,with a salable area of 314 feet,according to the building standards,the residents can control lighting,air conditioning and a mailbox prompts through the device.
As for the other new property,THE OPULENCE Phase 4 in Kowloon City have put up for sale yesterday.
