Cici Cao
Developers in Hong Kong put their flats up for sale and raised prices in response to a decline in September sales.
The Hong Kong Land Registry announced 2,848 sale and purchase agreements of residential building units in September, down 22.1 percent monthly and 0.5 percent yearly.
Star Properties cut the discounts for the remaining units at After The Rain in Yuen Long by up to 3 percent, joining local developers in pushing home prices up from an eight-year low.
Last week, Sun Hung Kai Properties (0016) raised the average price of the second batch of 122 units at Cullinan Sky in Kai Tak by 6.5 percent to HK$20,939 per square foot after discounts, as most units in this batch “enjoy views of Kai Tak Plaza.”
Blue Coast II in Wong Chuk Hang, developed by CK Asset (1113) and MTR Corp (0066), uploaded its prospectus, involving 558 units, indicating a potential price hike of 10 percent.
However, on Wednesday, SHKP placed 77 more units at phase 3B of Novo Land in Tuen Mun for sale. The average price was HK$3.10 million to HK$6.75 million after discounts, 2 percent cheaper than the previous batch.
The project sold 697 flats, over 90 percent, with all one-bedroom units sold out. The company also put 58 more flats at The Yoho Hub II in Yuen Long in the market with a average price of HK$14,698 per sq ft after discounts.
In other news, the Rating and Valuation Department’s private property price index stood at 292.1 in August, down 1.7 percent month-on-month and 13.3 percent year-on-year.
