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First Hand Deals Reduced 73% During Weekend, Second Hand Market Recorded Only 17 Deals

Hong Kong Property | November 14, 2016

First Hand Deals Reduced 73% During Weekend
First hand market remains still after the government’s cooling measures launched. In the past weekend, only 35 transactions involving 14 new projects were recorded, 73% lower than the previous week, giving that no new project was launched after the government raised the double stamp duty to 15%.

Second Hand Market Recorded Only 17 Deals
Second hand market is also badly affected by the government’s cooling measures. Only 17 transactions were tracked among 100 major housing estates last weekend. Among these estates, Tin Shui Wai’s Kingswood Villas recorded 3 transactions, which already tops the hundred estates. One of the units was sold at HK$3.75 million, 5% lower than market price. Tsuen Wan’s Belvedere Garden also recorded a transaction with a price 3% lower than market price, or HK$8,626 per square foot.

Sandra Ng Sold Bel-Air at HK$9.5 Million
Hong Kong actress Sandra Ng Kwan-yue (吳君如) sold her Residence Bel-Air Phase 6 one-room unit at HK$9.5 million, or HK$20,697 per square foot. She bought the flat at HK$8.138 million six years ago, making a profit of HK$1.362 million by this transaction.

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