Midland's top 10 estates recorded 18 second-hand transactions over the weekend, down 28% week-on-week, but remaining in double digits for 14 consecutive weeks.
As Hong Kong enters the road to full normalcy, the public's decision to buy a home is significantly accelerated, and developers are seizing the opportunity to push forward with a number of major new developments in March," said Mr. Brahms, Chief Executive Officer (Hong Kong and Macau) of Midland Realty, yesterday.
As for Centaline Property's top 10 estates, 17 transactions were recorded, down 29.2% week-on-week. According to Centaline Property Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing-kit, there are new launches in both Kowloon and the New Territories, with over 600 first-hand transactions recorded so far in March and a chance of over 2,500 for the month.
In addition, the bank said only one transaction was recorded in Kingswood Villas in Tin Shui Wai over the weekend, and the bargaining power of second-hand owners narrowed to just 1 to 3 per cent due to the new developments in Tuen Mun.
In fact, the property market has gradually stabilised in recent months, and with new properties stealing the spotlight from the market, second-hand owners have generally narrowed their bargaining power. Midland Realty's Lam Kin Wai said that the bank had facilitated the sale of a 3-bedroom unit in The Link at Sunrise Hong Kong, which sold for $8.3 million at zero bargaining price.
The 686-square-foot, low-rise apartment B in Block 3R of The Link, which had been on the market for about three months, was acquired by a property exchange client for $8.3 million, equivalent to a price of $12,099 per square foot. The original owner bought the flat in September 2015 for $6.6 million, making a profit of $1.7 million.
Centaline Property's Chow Sai Hong said that second-hand transactions in Wanchai were not yet active, with owners taking a wait-and-see attitude and no significant counter-offer.
The branch facilitated the sale of a 377 sq ft, 2-bedroom apartment A in Tai Wo Building in Wanchai, which was taken up by an investor for $5.32 million, equivalent to a price of $14,111 per square foot, a return to the 2015 level.
