Mr Chan Wing-kit, Chief Executive Officer of Centaline Property's Asia Pacific Residential Division, said that new developments in both Kowloon and the New Territories were hitting the market, with first-hand transactions booming, with more than 600 first-hand transactions recorded so far in March and a chance of more than 2,500 first-hand transactions for the month.

The first and second-hand transactions continued the strong momentum of last month, and property prices have gradually stabilised. Coupled with favourable news such as the budget reduction, owners are confident in the future market and have generally narrowed their bargaining power, with some owners even countering or closing their properties.

On Hong Kong Island, Centaline Property's Chief Divisional Manager of Kornhill Hong On Street Branch, Mr. Yeung Man Kit, said that two transactions were recorded in Kornhill Garden this weekend, with Centaline facilitating the transaction of a flat of 461 sq ft saleable area, 582 sq ft GFA, 2 rooms, facing east, in the lower 15 rooms of Block P of Kornhill Garden.

The owner sold the flat for $7.5 million, which translates to an average price of $16,268 per square foot. The original owner bought the flat in 2012 for $5.05 million and has held it for 11 years with a book profit of $2.45 million, representing a 49% appreciation in the value of the flat.

In Kowloon, Centaline Property's Whampoa Station Branch Deputy Divisional Sales Manager Mr. Wang Jian said Whampoa Garden recorded seven transactions so far in March, with five transactions recorded over the weekend, resulting in brisk trading.

Centaline's transaction was for a flat in Whampoa Garden Phase 2, Block 14, Low Level G, with a saleable area of 466 sq ft and a gross floor area of 558 sq ft, with a 2-room partition and a street view.

The owner sold the flat for $7.15 million, which translates to an average price of $15,343 per square foot. The original owner bought the flat in May 2014 for $5 million and has held it for 9 years, making a profit of $2.15 million and a 43% appreciation in the value of the flat.

In the New Territories, Centaline Property's Deputy Regional Sales Director of Parkview Heights Branch 2 in Tin Shui Wai, said that only one transaction was recorded at Kingswood Villas over the weekend due to the rush of first-hand new developments in Tuen Mun, and second-hand owners also narrowed their bargaining power to just 1 to 3%.

Centaline facilitated the transaction of a flat in the upper floor G of Block 3 of Kingswood Villas, with a saleable area of 544 sq ft and a gross floor area of 710 sq ft, with 3 rooms, which was sold by the owner for $5.65 million, equivalent to an average saleable price of $10,386 per square foot.

The original owner bought the flat in May 2009 for $1.5 million and has held it for 14 years with a book profit of $4.15 million, representing a 277% appreciation in value.