Hong Kong's weekend primary home sales dropped 43%

Blame it on too much anticipation for SHK Properties' major launch.

According to Maybank Kim Eng, weekend primary residential property sales dropped 43% WoW to 65 units, largely due to the market’s anticipation of SHK Properties (16)’ major launch, 782-unit The Riva in Yuen Long.

Here's more:

The price list of 50 specialty units were uploaded to the project’s website last week with starting ASP of HKD15k psf of GFA. The show flat was opened over the weekend with 300 potential buyers’ visit. 

Market rumour suggested that more than 20 reservation cheques were received. For primary sales over the weekend, The Reach in Yuen Long continues to dominate the list with 25 unit transactions.

Park Ivy, a Tai Kok Tsui JV between Sino Land (83) and URA launched in Saturday, recorded 11 transactions over the weekend.

ASP for the project reached HKD13,875 psf of GFA. Implication: We believe that the market will continue to digest the new curbs of  double stamp duty, and increase in mortgage interest rate in medium-term.

The sales results of The Riva will become one of the major foci of the market, together with the FY12 results announcement from 2 major developers, Cheung Kong (1) and Henderson Land (12) in this week.