There were new properties that received subscription registration last weekend. According to reports, Novo Land phase 3B, a project under New World Development Co.Ltd (00016.HK) in Tuen Mun, had registrations exceeding 18 times the available units. Other new properties also had transactions. In terms of second-hand properties, the top 10 estates had a low trading volume, probably due to bad weather and interest rates. The market sentiment seemed to be more watchful.
Novo Land phase 3B in Tuen Mun is still accepting applications. As of yesterday, it has already received more than 3,000 applications, with the price calculated at 154 units for the first price list, and an over-subscription of more than 18 times.
Right Honour Investments Limited, a subsidiary of Shanghai Commercial Bank, has sold three units of the 'Kit Zet' development in the Western District of Hong Kong Island over the past two days, bringing the total to 44 units with more than HKD 333 million in sales. Based on the sold units, the net average price of the units was approximately HKD 23,182 per square foot, including a high-level three-bedroom unit sold by tender with a price of HKD 31,581 per square foot, which is the highest price in the project.
SEASONS PARK, a series under the Sunrise Properties, which is a subsidiary of Knight Frank, has recorded three new transactions, including one unit with unique features and two two-bedroom units, on Father’s Day. The practical floor area of the standard two-bedroom unit ranged from 453 to 496 square feet, with prices ranging from HKD 6.744 million to HKD 7.642 million, or HKD 14,887 to HKD 15,407 per square foot in terms of unit size. The unique two-bedroom unit was sold for HKD 6.986 million, or HKD 16,834 per square foot.
Fulum Group's (01243.HK) 'The Met. Blossom' project in Wong Tai Sin recorded another transaction last Saturday, with the transaction price reaching HKD 4.54 million. The project has sold a total of 146 flats, with a total sales amount of more than HKD 700 million. Since its launch in March this year, the project has recorded 46 transactions, with a total sales amount of about HKD 210 million.
In terms of second-hand properties, the top 10 estates in Hong Kong only recorded 5 transactions this weekend, dropping by 50% over the week. The Vice President and Executive Director of the Residential Department at Asia Pacific Property Agency, Chen Wing-kit, believed that the unstable weather on Father’s Day weekend dampened the mood for home viewings, and the low prices offered by the new Tuen Mun development were attractive enough to take away some second-hand property buyers, leading to stagnant second-hand property transactions. As the US interest rates remain unchanged, and rate cuts in the Hong Kong market are uncertain, market sentiment has become more watchful, causing second-hand property transactions to stay at a low level.
According to statistics provided by the American United Property Agency, there were about 7 property transactions in the top 10 estates during the weekend, a decrease of about 36.4% compared to the previous week. If the top 15 estates were taken into account, about 8 transactions were recorded during the weekend, a decrease of 46.7% compared to the previous week.
Although US interest rates remain unchanged as expected, a signal that the ceiling has been reached has been clearly sent out, and the local first-hand property market has blossomed with attractive pricing, which has attracted many second-hand property buyers. In addition, many families went out to celebrate Father’s Day during the weekend, affecting the number of home viewings and transactions. It is expected that first-hand property transactions will remain dominant in the short term, and second-hand property transactions will remain slow, with discounted properties being the main topic.