Property sales dwindle with 60 units sold in a week

A hefty 63% crash.

According to Barclays, developers sold 60 primary units over the past weekend, down from 162 units over the previous weekend.

Most sales were leftover inventories given the absence of new launches last week.

Here’s more from Barclays:

SHKP cleared 20 units at Riva in Yuen Long last weekend. Since the re-launch two weeks ago, the take-up has been strong with 270 units and HK$2bn sales proceeds thus far.

A new batch of 107 units will be offered for sale on Thursday, 6 March 2014. Other notable sales over the weekend include 9 units at Wang On’s The Met.Delight in Sham Shui Po, 7 units at Nan Fung’s The Visionary in Tung Chung, and 7 units at NWD’s Park Signature in Yuen Long.

Henderson Land/NWD are now preparing the re-launch of the 213 leftover units at Double Cove Phase I in Ma On Shan (total 928 units). The first batch of 197 units is priced at an average of HK$12,428psf (SFA).

With roughly a 15% discount on the headline price, the net effective price is around 10% lower than the price before the re-launch. The first 50 units will be offered for sale on 4 March 2014.

So far, 360 expressions of interest have been received, representing an oversubscription rate of 6x. According to the HKEJ, Henderson Land expects the third phase of Double Cove (1,092 unit) to be launched in 3Q 2014.