Mr Chan Wing-kit, Chief Executive Officer of Centaline Property's Residential Division, said that all of the top 10 residential estates saw transactions this weekend, reflecting the general warming up of the property market and a return to the positive momentum seen after the Lunar New Year.
The new budget's small reduction in spending has revived buyers' desire to buy a home, and the first batch of new flats in the urban area were sold out on the same day, leading to a boom in secondary transactions.
On Hong Kong Island, Chiu Hung Wan, Senior Regional Sales Director of Centaline Property in Taikoo Shing, said that Taikoo Shing recorded five transactions this weekend, with strong transactions. The original asking price of $16.5 million was reduced by $3.3 million to $13.2 million, or $17,323 per square foot.
The original owner bought the property in May 1992 for $3.49 million and has now sold it at a substantial profit of $9.71 million, representing an appreciation of nearly 2.8 times in value over the past 31 years.
Centaline Property's Deputy Regional Sales Manager for Hong Kong Island South West, Mr Lo King-ho, said that South Horizons broke the doldrums this weekend with three transactions, including a branch-facilitated sale of a 3-bedroom suite plus storage room in Block 27, Suite E, with a saleable area of 736 sq ft, facing south-east and looking out over the open greenery.
The unit is currently rented at $27,000 per month and the new buyer can enjoy a return of 2.8%.
The original owner bought the flat in December 2007 for $5.6 million and has held it for more than 15 years, now it has changed hands for a profit of $5.88 million, representing a 105% appreciation in value.
In Kowloon, Centaline Property's Laguna City Divisional Sales Manager, Mr Hung Kam Hing, said Laguna City recorded one transaction this weekend, making an accumulation of 25 transactions this month, with an average saleable feet price of $12,905.
This weekend's transaction was for a 3-bedroom apartment in Block 10, Suite E, with a saleable area of 687 square feet.
The original owner bought the property in May 1994 for $4.81 million and made a profit of $4.19 million on the sale, representing an 87% appreciation in the value of the flat.
In the New Territories, Centaline Property's Regional Sales Director of City One Shatin Branch, Mr. Lai Chung Man, said that City One Shatin recorded four transactions this weekend, a week-on-week increase of one fold.
The latest transaction includes Block 47, Middle Floor A, with a saleable area of 284 square feet and a two-bedroom flat in the northeast, which was sold for $4.85 million, equivalent to a saleable area of $17,077 per square foot.
The original owner bought the site in 1997 for $1.82 million and has now made a profit of $3.03 million on the sale, representing an appreciation of over 1.6 times in value.
