Centaline Property's Chief Executive Officer of the Residential Division, Mr Chan Wing Kit, said that a number of new developments have been launched this month, and they have been selling at record levels, which has put pressure on the secondary market.
On Hong Kong Island, Chiu Hung Wan, Senior Regional Sales Director of Centaline Property Taikoo Shing, said that Taikoo Shing broke the deadlock this weekend, recording one transaction and increasing the number of transactions to 12 for the month, with an average price of $18,142 per square foot. This weekend's transaction was a high-rise C-suite in Yimber Court, with a saleable area of 897 square feet and a gross floor area of 983 square feet, with a three-bedroom suite partition and a south-east-facing location, at a price of $15.6 million and a saleable square foot price of $17,391.
In Kowloon, Centaline Property's Whampoa Station Deputy Divisional Sales Manager Prince Kin said Whampoa Garden had a strong turnover this weekend, recording five transactions, a rebound of 1.5 times week-on-week. The weekend transactions included a sale of a 466 sq ft saleable area, 558 sq ft GFA, two-bedroom apartment in Block 6, Phase 2, for $6.6 million, or $14,163 per square foot.
The original owner bought the property in October 2010 for $3.68 million and has now sold it for a profit of $2.92 million, representing a 79% appreciation in value over 12 years. Whampoa Garden saw an accumulation of 24 transactions this month, with the average price per square foot rising by 3.8% month-on-month to $14,831.
In the New Territories, Centaline Property Tung Chung Ying Wan Garden Branch 1 Deputy Divisional Sales Manager Mr. Cao Jiahua said that Ying Wan Garden recorded one transaction this weekend, the unit is a middle floor room B in Block 11, with a saleable area of 748 square feet and a building area of 1013 square feet, with a three-bedroom suite partition, facing northeast and enjoying sea view. It is understood that the original owner bought the flat in May 2015 for $6.38 million and has held it for nearly 8 years, now it has changed hands for a profit of $2.02 million, representing a 32% appreciation in value.
