Tuesday, October 19, 2021
Martin Hennecke

Primary market home sales still running hot
<p>Overall primary-market property volumes increased by 21 percent month on month to more than 1,500 so far in September, and Centaline Property Agency expects the figure to reach 2,000 for the whole month.</p><p>Henderson Land Development (0012) sold over half of the 128 units in its first batch of The Holborn in Quarry Bay yesterday.</p><p>General sales manager Mark Hahn Ka-fai said the developer cashed in nearly HK$480 million, and more units are expected to be put on the market soon.</p><p>The batch comprises 103 one-bedroom units and 25 studios, ranging from 220 to 260 square feet, and came with discounted prices of HK$5.8 million to HK$8 million, or from HK$25,309 to HK$31,507 per sq ft.</p><p>Prior to the sale, the project received more than 1,300 checks for the 128 flats, which was nine times oversubscribed.</p><p>This came a day after Kwai Hung Group&#39;s Mangrove in Hung Hom sold all but two of its 130 units.</p><p>With prices ranging from HK$3.32 million to HK$9.1 million after discounts, it was 61 times oversubscribed.</p><p>On the same day, 68 units, or half the batch, at La Marina atop Wong Chuk Hang station were sold in a third round.</p><p>Developers&#39; sales are coming at the expense of the secondary market.</p><p>Sales stayed flat at the top 10 estates of Centaline Properties, with 10 deals.</p><p>Louis Chan Wing-kit, Centaline&#39;s Asia-Pacific vice-chairman of residential, said a lot of funds had moved to the property market due to recent stock market volatility caused by mainland regulations. However, under the influence of the near-record high property prices and the red-hot primary market, secondary volumes are expected to remain low in the short term.</p>

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