Hong Kong primary residential market are more attractive.
Lately the price of primary residential market almost similar with the secondary-market flats, most of the home buyers prefer primary residential home to the secondary, the number of transaction in local second-hand property market has been dropping since May.
Overall, the market expects the second-hand market remains weak, while it must compete with primary residential homes which will launch to the market in the future.
Its residential chief, Sammy Po Siu-ming, blamed the low on Hong Kong Housing Society‘s Heya Crystal and its prices, which undercut the market.
The Cheung Sha Wan project, which opened show flats at the weekend, offloaded its first batch of 100 units on Thursday at prices that ranged between HK$5.61 million and HK$9.75 million.
That amounts to HK$11,263 to HK$15,365 per sellable square foot.
Lawrence Ng Chi-fai, senior sales director at the company’s Mei Foo phase 6 branch, said Heya Crystal’s price is competitive and the price of its two-room flats is cheaper than similar units in Lai Chi Kok’s Mei Foo Sun Chuen.
Louis Chan Wing-kit, managing director of residential at Centaline, said many buyers are waiting to see how the market holds up amid the stock volatility that had been seen this month.