（By Chen Chuqian）
Last week, purchasing power flowed back to second hand property market because first hand property market was lack of new project, and Taikoo Shing registered rare transaction of which the sq ft price was the highest among similar properties. In the past two days, Centaline registered 21 transactions from its ten large projects, up 17% by week; Midland had 24 cases among their ten large projects, which was the highest in more than ten months. In addition, synthesizing market sources and according to data on homepage of The Sales of First-hand Residential Properties Authority, there were 11 transactions in first hand property market on Sunday, with The Avenue in Wan Chai sold 3 units, Park Signature in Yuen Long, The Summa in Mid-level and Riva in Yuen Long each sold 2 units, while Double Cove Starview in Ma On Shan and Chatham Gate in Hung Hom each sold 1 unit.
New project sale has slowed down since the beginning of this month, and second hand property owners' attitude is softened, leading more reasonable price and encouraging buyers back to second hand property market gradually, with small-medium properties being the most popular, pointed by Chen Yongjie, the Asian Pacific Region Residential Department President of Centaline Property. As purchasing power is released gradually, the second hand property transaction in this month estimated to rise stably. There were only two projects among Centaline's ten large projects had no transaction during the past Saturday and Sunday, showing market is warming up, Mei Foo Sun Chuen and City One among registered 5 cases, which were the most in last week.
Chen Yongjie: Owners' attitude is softened.
It was May Day holiday on first weekend of May in mainland, while first hand property market had no new project, and many large or new projects need to be launched later, plus with mainland customers are less, so the accumulated purchasing power is back to the second hand property market gradually, also funds of customers who focus to new projects in earlier reflows, thus transaction of second hand indexing projects rose in weekend, and it even went to the peak in more than ten months, expressed by Bu Shaoming, the Residential Department Chief Executive Officer of Midland.
Ten large indexing projects from Midland all had transactions on last Saturday and Sunday, and it is believed has relation to increasing purchasing intention of many users who have actual demand after some owners willing to cut more price up to 3%-5%. Three indexing projects in Hong Kong Island including Taikoo Shing, Kornhill Gardens and South Horizons registered 5 transactions, up 1.5 times by week; Four indexing projects in Kowloon including Laguna City, Whampoa Garden, Metro City, and Mei Foo Sun Chuen had 9 transactions, increasing 50% by week, according to statistics of ten large projects' transaction location in each district from Midland. As for three indexing projects in New Territories which are Tsuen Wan Centre, City One and Kingswood Villas, they registered about 10 cases, in up range of 25% by week.
Bu Shaoming predicted, second hand property transaction in future will still depend on owners' attitude and new projects' sale policy or pricing.
Hong Kong Property estimated price cut trend will continue.
Mainland customers are less because of strict measures, leading Hong Kong second hand property transaction in May Day holiday did not sharply rise, and second hand property buyers recently are still mostly local users who looking for low cost property. However, developers plan to launch more first hand new projects in or under market price, suppressing second hand property buyers further, and price cut trend in second hand property market estimated to be promoted, which will bring active second hand property transaction, so second hand property market estimated to be in good trend.
Recently, most transactions were made because of owners' reasonable pricing, however, there was rare transaction in Taikoo Shing on last weekend, of which the sq ft price was the highest among similar properties. Low floor room D in LOTUS MANSION of Taikoo Shing in usable area of 922 sq ft was sold at HKD 13.2 million after owner adding HKD 50,000, with usable area sq ft price up to HKD 14,317, expressed by Zhang Guangyao from Centaline.
Sq ft price of unit in LOTUS MANSION Taikoo Shing broke the new highest record.
It is known, the last highest sq ft price was from similar unit of the project in 2012, which is low floor room D of OAK MANSION sold at HKD 13.13 million at that time, and the price this time is HKD 70,000 higher than the former one, reflecting quality unit is popular. This unit was bought at HKD 4.75 million in 2004, of which the appreciation is 1.8 times.
