After the slow market in June and July, coupled with the continuing debt crisis of the domestic property market, developers are forced to do something to get rid of their goods, among them, Cheung Kong (1113) sold the Yau Tong Oceanside Station at a shocking price, which triggered a rush of purchases.

After the first round of sale of 626 units of Oceanside Station II in the middle of this month, Oceanside Station I launched all standard units of 219 units yesterday, and the sales office in Hung Hom once again had a long queue, and 209 units or more than 95% of the units were sold on the same day.

In 9 days, 832 units were sold in two phases of Prospect Station (3 forfeited orders were recorded in Prospect Station II), over 5.3 billion RMB was realised, which stimulated the number of first-hand transactions in the first 20 days of August to more than 1,000, a sharp rise of more than 60% month-on-month, and hit a 3-month high.

This month, two brand new flats have been opened for sale, in addition to the Oceanfront Station series, Henderson Land (012) sold 77 units of Baker Circle - Greenwich in Hung Hom, which was sold at more than 10% below the market price, while other units were sold at more than 110 units, and the overall number of first-hand transactions in August increased to 1,024, which is the 3-month high after about 1,145 transactions recorded in May.

Mr Chen Yongjie, Vice Chairman and President of Residential Department of Centaline Property Asia Pacific, said that although the market is full of negative news, such as the debt crisis of the mainland, but the purchasing power of Hong Kong people and rigid demand is still there, only the confidence is not enough, and developers have recently adjusted the opening price in response to the market situation, usually 20% below the market price can be a satisfactory response, which has brought a positive effect on the property market, and it is expected that the first-hand transactions in August can reach 1,500 cases to challenge this year's second-highest single-month record.

According to Centaline's Chan Wing Kit, although there are many negative factors in the property market, as long as the opening price of a new property is attractive, it is generally 20% below the market price, which is already a receptive force.

Yesterday's first round of property sales, the sea-front station I, as far as possible to launch all standard flatted units total 219 units, covering one-bedroom to three-bedroom, saleable area of 273 to 736 square feet, the discounted selling price of $3,653,000 to $13,420,000, discounted per-square-foot price of 13,381 to 18,239, discounted average per-square-foot price of 15,939 yuan. Last Friday, the offer closed at 9,000 votes, over 40 times oversubscribed, with an average of about 41 people fighting for one unit.

Under the impact of the low price, a long queue started to form outside the sales office of Fortune Metropolis in Hung Hom from 10:00 a.m., and the queue extended to the footbridge outside the shopping centre and the MTR Hung Hom Station across the street. The developer estimated that about 3,700 people attended the event yesterday.

Chiu Kwok-hung (second left), executive director of Cheung Kong Holdings, said buyers are extremely sensitive to property prices, and there are signs that they will be deterred from purchasing flats if the prices are slightly higher than their budgets, so it is expected that the market will remain weak.

Cheung Kong Holdings executive director Chiu Kwok-hung said, as of 5:30pm, a total of 209 units have been subscribed at Ocean Station I, and he is very satisfied with the sales result. When asked about the reason for not being able to "clear the pockets", he said that the market is weaker than his original estimation, but the unsold units are 3-room units facing the sea, which may be due to the higher price, beyond the market's affordability, he believes that buyers are extremely sensitive to the price of flats, and they will be deterred when the price is a little bit higher than the budget, and he expects that the market weakness will be maintained 

The developer is planning to launch the sale of low-density duplex units in Ocean Front Station II Block 3. Among the 28 units, 14 units each with garden and rooftop accounts for half of the units, with saleable area ranging from 501 to 523 square feet and all of them are 2-bedroom design.

Shun Lee's Tian Zhaoyuan (first from right) said over 5,000 visitors have been recorded at the showroom of Crispus III in three days, and it is expected that no less than 65 units will be launched today.

Another focus of the market, Shun Lee (083) led by Tseung Kwan O LOHAS Park Phase 11D, The Park III, last week announced the price list of the first batch of 130 units, after deducting the cash rebate for "talents" the discounted average price of about $16,300, in the past two days, about 1,050 votes were collected, exceeding the amount by about 7 times. Executive Director of Sino Land, Mr Tian Zhaoyuan, said that no less than 65 units will be launched today at the earliest, and 75% of the ticket holders intend to choose 2-room units, and it is expected that more 2-room units will be launched in the additional units. More than 5,000 people visited the show flats of the project.