Developers launched projects ahead of earlier schedule after government announced new measures

Developers cleared some 70 units over the past weekend.

Here's from Nomura Research:

Affected by the extended SSD and new non-local buyer stamp duty announced by the government, the primary market recorded limited transactions with only 69 units sold over the past weekend.

To catch the last train before the new demand-side measures (announced around 6pm on Friday, October 26) took effect, HLD and NWD started to offer 548 units at The Reach (2,580 units in total) at Yuen Long on Friday night, a day earlier than originally scheduled. By mid-night of October 26, it was reported that a total 250 units had been sold and the sales office saw large influx of cross-border buyers.

Beyond this, The Reach sold a further 60 units this weekend, mostly to local buyers. So far, some 310 units have been cleared with an ASP around HKD7,200psf.

Other projects recorded very limited interest this past weekend.

Other upcoming launches to watch include SHKP’s The Wings II (around 780 units), Nan Fung/Sino/K. Wah’s The Graces (193 units) in Tai Po, Cheung Kong’s One West Kowloon (286 units) at Lai Chi Kok and HLD’s High Point (138 units) at Sham Shui Po.

In the secondary market, transaction activities remained muted. The Midland 35 housing estates index for the week of 15-21 October dropped 23% w-w to only 120 transactions. 

Over the past weekend, estate agents reported that flat-view bookings declined by 50% and the secondary sales volume dropped by 40% across the regions after the announcement of new demand-side measures on last Friday. Only 12 transactions were recorded by Centaline this past weekend, down 43% w-w.