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HONG KONG: Home sales rebounded during the Dragon Boat festival holiday weekend, property agents said.
At the 10 major housing estates monitored by Centaline Property Agency, 48 flats were sold, up 11.1% on sales concluded over the previous weekend.
Louis Chan Wing-kit, managing director of the agency's residential department, said demand was supported by expectations of a good result at this week's land auction.
"The positive expectations encouraged potential buyers to buy properties earlier. However, vendors were not willing to cut the asking prices of the flats at the same time," he said; and this meant property sales had remained stable.
Research by Midland Realty showed there were about 44 deals concluded at the 10 major housing estates it monitored during the same period last week.
It said sales in urban areas recorded the strongest growth and only 17 flats were sold in the three major housing estates it monitored in the New Territories, down from 21 deals recorded a week earlier. Midland said it believed the fall in secondary market property sales was due to new residential projects launched in the New Territories recently attracting a number of buyers.
On Hong Kong Island, Taikoo Shing and Kornhill in Quarry Bay and South Horizons in Ap Lei Chau recorded a total of nine transactions during the holiday up from five deals recorded a week earlier.
The increase in property sales was particularly clear in Kowloon, where 18 flats were sold in the four major estates monitored by Midland, compared with only seven deals concluded the previous weekend.
Andy Ho, a director at Midland Realty, said the Borrett Road site scheduled for land auction on Thursday, June 9 was expected to hit a record price. "If the result of the land auction is positive, it will encourage potential buyers to buy flats," he said.
In the primary market, Cheung Kong Holdings's Festival City in Tai Wai recorded strong sales, with about 120 flats sold on the holiday weekend. — SCMP
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