Friday, July 10, 2020
Martin Hennecke

Home prices slip back in time to 2016
A two-room flat at the benchmark housing estate, Taikoo Shing in Quarry Bay, changed hands for HK$9.84 million. The last time a comparable unit sold below HK$10 million was in January, but the transaction fell through. The previous successful comparable purchase was in 2016. The flat sold for HK$16,962 per saleable sq ft, a 30 percent drop from last year's peak period, after HK$962,000 was cut from the original asking price released a week ago. A similar unit sold for HK$13.8 million, or HK$23,793 per saleable sq ft during last year's peak, while another changed hands for HK$10.43 million in 2017. The former owner gained 51.4 percent more than the purchase price in 2012. Meanwhile, the Hong Kong Real Property Federation has proposed building temporary housing in vacant school premises and barge boats. It also suggested more emphasis on New Territories North. It may take the government over 10 years to complete a public housing project if it invokes the Lands Resumption Ordinance to reclaim lands, the federation said in its housing and land supply proposal for the government's upcoming policy address. The HKRPF noticed that over the past 10 years, the government had put up five public housing plans through land resumption, with an average completion period of 7.1 years, while preparation and inquires require another four to five years. Elsewhere, Sun Hung Kai Properties (0016) released 178 flats for the fourth price list of Cullinan West III atop Nam Cheong MTR station, offered at an average of HK$25,485 per sq ft after discount, 2 percent higher than the previous sales batch. Separately, 65.3 percent of the 13,451 units in 28 new projects launched in the first nine months sold out, said Midland Realty. Under the quiet market, stamp duty collected from home purchases in September fell 24.2 percent month-on-month to about HK$978 million, the second-lowest this year, data from the Inland Revenue Department showed.

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