Hong Kong's weekend primary home sales doubled to 106 units

It has been on a winning streak for 3 weeks.

According to Maybank Kim Eng, primary residential property sales rose 3 weekends in a row and reached 106 last week, versus previous week’s 50.

Maybank noted that remaining units of The Riverpark (Tai Wai, developed by New World Dev (17)), The Reach (Yuen Long by Henderson Land (12)/NWD JV), Lions Rise (Kerry Properties (683) in Wong Tai Sin) and Henderson Land’s High Point in Shamshuipo headed the list with 10-19 units transacted, or 51% of the total weekly sales. 

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Selected developers cut prices on existing projects such as Avignon (Tuen Mun by SHK Properties (16)) and Lions Rise to stimulate sales ahead of the new Residential Properties (First-Hand Sales) Ordinance to be effective today.

Meanwhile, the weak secondary transactions sustains over the weekend and recorded only 10 transactions from top 10 secondary residential estates, with 5 out of top 10 secondary estates recorded no transaction.

Implication: We believe that the quiet primary and secondary market will continue in short-term as participants are still adopting ‘wait-and-see’ towards the new Ordinance to be effective today. Only 2 small and medium scale projects, Dunbar Place (Ho Man Tin, developed by Swire Properties (1972)) and Green Code (Fanling by HK Ferry (50)) are available for sale within this week.

Moreover, the 2nd week consecutive drop of 1.17% (previous week: -1.41%) in Centa City Leading Index for the week April 15-21st has also dampened the potential buyers’ demand for secondary properties, in our view. We expect that primary and secondary transactions to remain week over the short-term.