Fast-selling new home flats last weekend could be a sign of an upturn in the property market. Leasing demand in the urban district is strong and rental yield could reach 3 per cent.

Courtesy: | Typical residential flat scenario in Hong Kong

Source: The Standard Finance

Nearly 300 new homes were grabbed on weekend in a sales binge, as sought-after properties pushed extra units to the market, sending ripples to deal-making of second-hand apartments.

Riding last week’s momentum, 48 out of the remaining 52 units at One South Lane in Kennedy Town were sold yesterday.

Meanwhile Kensington Hill in Sai Ying Pun, developed by Wheelock (0020.HK), rolled out another 30 flats, but had sold only eight by yesterday evening. Property agency Midland’s residential chief executive Sammy Po Siu-ming said the surge in new supply had dulled transactions of second-hand flats in the area.

The Wings IIIA in Tseung Kwan O by Sun Hung Kai Properties (0016.HK) sold out all its 157 flats on Saturday. Another 122 will be released said deputy managing director Victor Lui Ting.

Other developers, including Henderson Land (0012.HK) and Cheung Kong (0001.HK), also saw brisk sales, with the former selling out 78 of its 80 flats at The Harbourside in Kowloon Station, and all 12 of the latter’s Mont Vert I in Taipo found owners by Saturday afternoon.

Centaline recorded a drop in second- hand deals in the 10 properties it tracks for three weekends in a row.

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