Second Home Price Reaches New High
Different statistics showed that Hong Kong’s secondary home price continue to rise. Centa-City Leading Index (CCL) announced last Friday reached another new record high at 150.89, rose 0.23% from the previous week. Meanwhile, February’s home price index from the Ratings & Valuation Department, which represents home price movements in the secondary market, rose 1.1% to 312.8, from January’s 309.4. Prices rose 14.3% in February compared with last year, and advanced 1.8% since the beginning of 2017, the data showed.
Vibe Centro 80% Flats Snapped Up
Close to 80% of 231 units offered by Poly Property Group have been snapped up at the Vibe Centro residential project in Kai Tak, bringing the developer total sales proceeds of HK$2.3 billion, with 57 of 108 units offered on Sunday sold by 8pm. The average selling price of the 108 studio-to-four bedroom units, the second batch of the development’s total of 930 flats, was HK$25,646 per square foot, making them some of the most expensive in the district on a per square foot basis.
Cullinan West Sold Another 219 Units
On Saturday, Sun Hung Kai Properties sold almost all of the 246 units of its Cullinan West apartments. As many as 219 units, or 89% of the units on offer, were sold by 8pm, sales agents said, with some buyers seizing multiple apartments, undeterred by rising interest rates or the government’s stamp duty on second-time owners.
Carrie Lam Pledged to Launch “Starter Home” Scheme
Chief executive-elect Carrie Lam Cheng Yuet-ngor has admitted that efforts to suppress Hong Kong property prices have failed and pledged to tackle the issue with a “starter home” scheme once she assumes office. Lam said one of her priorities in assuming office in July would be to launch the “starter home” pilot scheme promised in her election manifesto. She said there were one or two larger plots in this year’s land sale programme that might be suitable for the scheme. She also proposed a “public-private partnership” scheme, which would see developers instead of the Housing Authority taking up the construction of public housing projects.