Monday, February 24, 2020
Martin Hennecke

Homebuyers adopting wait-and-see attitude
Homebuyers have forfeited deposits totalling HK$1.55 million after pulling out of three home purchase deals of L'aquatique in Tsing Lung Tau. The relevant flats were offered at prices ranging from HK$4.61 million to HK$6.28 million. Metallurgical Corporation of China (1618), the developer, has recorded 15 cases of forfeiture at L'aquatique, representing nearly 20 percent of the flats sold. In the secondary market, just 13 homes were sold in the first three weekends after Chinese New Year at the city's 10 largest housing estates, according to Centaline Property Agency. "Buyers are adopting a wait-and-see attitude," said Sammy Po, chief executive officer of Midland Realty International's residential department. "They will act only if they find bargains." However, sellers aren't willing to budge much, betting the outbreak of the deadly virus will be short-lived and that demand in the world's least-affordable housing market will soon rebound. Prices in the secondary market rose 0.8 percent between January 19 to February 2, according to Centaline. Elsewhere, Sino Land (0083) is applying for presale consent for the project on Hing Wah Street West in Cheung Sha Wan. A consortium of five local and mainland developers led by Sino Land won the 208,000-square-foot residential plot for HK$17.3 billion in 2017.
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