Home sales crash 30% over the weekend

Just 31 units were sold.

According to Maybank Kim Eng, only 31 units of primary residential property were transacted over the weekend, a drop of 30% WoW from 44 in previous week.

Here's more from Maybank Kim Eng:

Remaining unit sales from One West Kowloon (Cheung Sha Wan, developed by Cheung Kong (1)) continue to be the market focus and recorded 10 sales over the weekend.

Since launch in early December, the project cumulated 60 sales with ASP of HKD10,700 psf of GFA and proceeds of HKD600m. This accounts for approx. 38% of 160 launched units, out of the total 286 for the whole project.

Market rumour suggested that SHKP (16) has released the floor plan of its large scale Tseung Kwan O project, The Wings II to property agents. Special and 4-bedroom units have targeted ASPs of HKD25k and HKD15k psf, respectively, according to Sing Tao Daily.

The market has gradually digested the slow transactions after the introduction of BSD on 29th October. Primary market outperformed the secondary as the projects attracted more investment demand (30% of buyers of One West Kowloon are investors) with second mortgage and long completion period.

Secondary property prices rebounded 0.17% previous week, after a 3-week consecutive drop, according to Centaline’s Centra City Leading Index.

We believe that the launching pipeline of large-scale projects by major developers will continue be the market focus.