Friday, March 5, 2021
Martin Hennecke

Secondary home deals decline over weekend
Centaline Property Agency recorded 17 secondary transactions at 10 blue-chip housing estates over the weekend, down by seven transactions from a week before. A 685-sq-ft flat at Taikoo Shing in Quarry Bay sold for HK$12.65 million, or HK$18,467 per sq ft, after HK$1.35 million was slashed from the original asking price. A 517-sq-ft flat at Laguna City in Kwun Tong changed hands for HK$7.81 million, or HK$15,106 per sq ft. The vendor, who purchased the unit for HK$2.88 million in 2009, will earn a capital gain of HK$4.93 million. In Tin Shui Wai, a 544-sq-ft flat at Kingswood Villas fetched HK$5.68 million, or HK$10,441 per sq ft. The seller, who bought the unit for HK$5.4 million in 2018, will earn a capital gain of HK$280,000. In the primary market, Wheelock Properties has collected HK$3.2 billion after selling 275 units at its Monaco development in Kai Tak. The developer will offer 90 units at the project for sale on January 29. The units, measuring between 280 sq ft and 727 sq ft, are offered at HK$6.66 million to HK$19.27 million, or at an average price of HK$25,182 per sq ft, after discounts. Phase 2 of Monaco is expected to hit the market this quarter, according to Wheelock Properties managing director Ricky Wong Kwong-yiu. Meanwhile, Nan Fung Group received about 600 checks for 218 units on offer at LP10 in Lohas Park, as of 7 pm yesterday, making the units 1.75 times oversubscribed. The 218 units go on sale January 30. In Ma On Shan, Sino Land (0083) had received about 140 checks for the 50 units in the first price list of Silversands, as of 7 pm on Sunday, making the batch 1.8 times oversubscribed. The 50 units in the first batch are priced at an average price of HK$19,888 per sq ft after discounts. In the commercial property market, the number of shop transactions fell 4.4 percent to 1,072 in 2020 from a year before, a new low since records began in 1996, according to Midland IC&I (0459). Cassette tape and CD magnate David Chan Ping-chi sold a 2,000-sq-ft street shop premise at 364-366 Hennessy Road in Wan Chai for HK$64.5 million, or HK$32,250 per sq ft, local media reports. Chan will earn a capital gain of HK$8.5 million after holding the property for six years, and the buyer will earn a rental yield of about 2.4 percent.

Previous news : Grande Monaco flat sales rake in $1.2b


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