Local property transactions have gained momentum, despite developers launching more flats on the market.
Midland Realty said transactions among 10 benchmark residential projects rose from 28 a week ago to 33 over the weekend.
“Some developers are planning to introduce more new flats soon,” said Buggle Lau Ka-fai, Chief Analyst at Midland. “The market generally expects aggressive pricing on the new flats as secondary market sentiment has also picked up.”
The situation is more evident in Tseung Kwan O, where a number of major property developers are planning sales launches.
According to Cheung Kong, units in La Splendeur at Lohas Park will likely be priced from HK$6,800 per sq ft.
Meanwhile, a 961 sq ft flat at Le Prime has a tag price of HK$4,683 psf, 31 percent lower than the units at La Splendeur.
Lau noted that homeowners within the area are only offering a two to three percent leeway, down from a five percent bargaining rate a few weeks ago.
The sentiment on Hong Kong Island is also rising, with three residential projects set to enter the market — the Argenta at Mid-Levels and The Altitude and Winfield in Happy Valley.
“Transactions have increased at projects that are selling below market level, such as South Horizons,” said Gary Yeung Wing-kin, an agent at Midland.
The total transactions at three benchmark projects — the South Horizons, Taikoo Shing and Kornhill Plaza — rose to six from three a week ago.
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