CK Property's Yuccie Square is a new residental project which will launch 1129 units step by step.

CK Property’s Yuccie Square is a new residential project which will  launch 1129 units step by step.

Pending second-hand homes market is sluggish.

Totally 482 transactions of first-hand residential property were recorded over the last weekend in Hong Kong.

Offering tax rebate, mortgage plan and sub-secondary-market-levels pricing to buyers, CK Property (01113.HK) sold 450 of 560 units of project Yuccie Square in Yuen Long on 29 November, launch day of of the project’s first batch sales.

In response to progressive CK’s rate card, Sun Hung Kai Properties (0016.HK) announced to increase number of  flats of Park Vista, a residential project in Yuen Long as well, by 106 units to 234 units in its first batch sales. Its official sales date was not yet confirmed.

Meanwhile, 6 units of The Zutten and 4 units of Eltanin‧Square Mile by Henderson Land Development (0012.HK) were sold. Kerry Properties (00683.HK)’s The Bloomsway and New World Development (00017.HK)’s Skypark recorded 5 transactions respectively.

CK Property sold 450 flats of Yuccie Square in Yuen Long yesterday, amassing more than HK$3 billion for the developer in a day.

There were more than a thousand prospective buyers in the morning in Hung Hom and 121 flats were sold in the first hour. By the end of the day 450 out of 560 flats were sold. Still to sell are mostly three-bedroom flats.

Executive director Justin Chiu Kwok-hung said the year’s sales target has been met, and no further units of Yuccie Square will be put on the market any time soon.

Also in Yuen Long, Sun Hung Kai Properties put another 106 units of Park Vista on the market on 29 November.

The average per square foot price is HK$10,676 for the Kam Tin flats. This makes the market value of this batch of flats HK$770 million.

Home sales of smaller projects are, however, not as robust. In New World Development’s Skypark in Mong Kok, only five out of the 44 units put on sale at the weekend were sold.

Source: The Standard Finance

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