Residential transactions gradually resumed force in the Hong Kong property market last week, after several home owners amended their asking price.
The transactions within 10 benchmark housing projects climbed to 25 from 23 in the previous week. Meanwhile, no transactions were recorded at Whampoa Garden, Tai Koo Shing and Discovery Park.
In Tseung Kwan O, a home owner suffered a loss of HK$20,000 after selling a 943 sq ft flat for HK$4.68 million, HK$100,000 less than the original price.
Another home owner at Park Avenue near the Olympic Station sold a unit for HK$11.68 million, after cutting HK$320,000 from its price.
At Sha Tin and Mei Foo, home owners also reduced prices by two to three percent.
According to Buggle Lau Ka-fai, Midland Realty Chief Analyst, the number of registrations in the secondary home sector fell and is expected to decline further in the coming months. This downward trend was attributed to the HIBOR-based mortgage rate increase and the Japan crisis.
Registration of residential property in the first 24 days of March dropped to 7,298 from 8,834 during the same period in the previous month.
In the primary market, The Gloucester, a Wan Chai Henderson Land project, has launched 22 more units on the market, after opening its first 50 units on Saturday.
Gloucester’s 72 units are offered at an average price of HK$20,455 psf, which is one to three percent higher than the average prices of similar units in the secondary market nearby. Sales will begin on Wednesday.