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: propgoluxury.com | 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.

More Related News:

  • Busy weeks for Home buyers in Hong KongJuly 23, 2014 Busy weeks for Home buyers in Hong Kong A studio flat at Mont Vert in Tai Po is the cheapest new home available for sale in Hong Kong, at HK$1.94 million, according to the developer's price list for the first batch of units at […]
  • Thousand flats are coming soon in Hong KongFebruary 26, 2015 Thousand flats are coming soon in Hong Kong Developers are set to launch several new projects, catch many people attention. Hong Kong is not a big city but it seems has a large carrying capacity. Recently, land limited problem […]
  • Strong demand of studio flats in Hong Kong July 22, 2014 Strong demand of studio flats in Hong Kong Properly some of the city's cheapest as well as smallest new flats, this latest development "Mont Vert" by Cheung Kong provides some studio flats which have measuring under 200 sq ft and […]
  • Big demand of Hong Kong small home flatsFebruary 9, 2015 Big demand of Hong Kong small home flats Distorted demand and supply. Small home flats, those measuring less than 430 square feet, continued to lead gains last week. The discussion of relaxing stamp duties slapped on […]