Hong Kong developers sold 430 units in mid-April

Primary take-up's still strong.

In the primary market, developers sold 430 units over the weekend before the week of April 13.

According to a research note from Barclays, although this is down from the previous holiday weekend’s 830 units, this was still a good run rate.

At Cheung Kong’s Hemera in Tseung Kwan O, it sold all of the 398 units on offer in its second batch.
Earlier in the Easter holiday, Cheung Kong already sold out all of the 740 units offered in the first batch. It has now launched the subsequent final batch of 510 units.

Here's more from Barclays:

At Wheelock’s new launch, Peninsula East at Yau Tong, the developer has collected 1,000 tickets of subscription against only 60 units offered.

The blended ASP after eligible discount is 9,792psf, which is below its neighbouring secondary market by 4-23%.
For example, Ocean One and Canaryside are selling at HK$12,700psf and Laguna City at HK$10,200psf. It has launched another 90 units today and the two batches will sell together on Thursday this week.

Other projects sold this weekend include K. Wah’s Twin Peaks in Tseung Kwan O (6 units), Nan Fung’s Visionary in Tung Chung (4 units), Kerry/Sino Land’s Dragons Range in Kau To (4 units) and China Overseas Land’s Nova in Western (3 units).

During the week, large-ticket items also registered some sales, such as 1 house from 50 Stanley Village Road, 2 units from Arezzo and 1 unit from Pavilia Hill.

In the secondary market, weekend volumes weakened as homebuyers turned to the more attractive offers in the primary market.

At Centaline’s top 10 housing estates, there were six transactions recorded only, down from 21 in the 5-day Easter holiday weekend. Taikoo Shing, Whampoa Garden and Laguna City all recorded no transactions for two consecutive weekends.

City One, South Horizons, Metro City and Mei Foo Sun Chuen each recorded one transaction. The broader measure of Midland’s 35 housing estates recorded 29 transactions in the week of 30 March – 5 April, down 13% w/w as potential homebuyers were drawn to the primary market.