Only 15 residential units sold over the weekend

That is a 25% drop.

According to Maybank Kim Eng, over the weekend, only 15 units of primary residential properties were being transacted, a 25% WoW drop. The Reach (Yuen Long, JV of Henderson Land (12) and New World Development (17)) led the list with 9 units sold.

Here's more from Maybank Kim Eng:

Separately, only 9 units of secondary properties were transacted from top 10 estates over the weekend, versus 11 in previous week. Five out of the 10 estates recorded zero transaction over the weekend.

Cheung Kong (1) announced the price list of 2ndbatch of 60 units of its latest project, One West Kowloon in Cheung Sha Wan at HKD10,531 psf, similar to the first batch’s HKD9,750.

Over 400 reservation cheques were being collected, according to market sources, accounting for 3.6x its total number of units on sale of 110. The project will officially be launched for sale coming Wednesday (December 5th).

Implication: The market is anticipating the launch of One West Kowloon, one of the major projects marketed after the extension of Special Stamp Duty/introduction of Buyer’s Stamp Duty on October 27th.

Coupled with the 2nd consecutive week drop in Centaline Centra-City Leading Index (-0.97% for the week November 19th- 25th), we believe that the local developer sector will remain weak over the short-term and the market’s focus will be the launch schedule of major projects by developers, and the pace of sales in new launches/remaining units of existing primary projects.