Developers sold only 123 units in mid-March

Lack of available units seen as cause.

In Hong Kong's primary market, developers sold 123 units at around mid-March.

According to a research note from Barclays, compared to 323 units sold on the weekend before, this was weaker on a w/w basis.

Barclays said this is mainly due to fewer available units from developers.

Here's more from Barclays:

Cheung Kong sold out the second batch of La Lumiere (76 units). Pavilia Hill sold 19 out of 46 newly available units. The remaining projects mainly focus on inventory sale, including 8 units sold from High One, 3 units sold from Mont Vert, 2 units each sold from Paxton, High One Grand, Providence Bay, the Reach and Dragons Range.

In terms of upcoming pipeline, SHKP released the price list of 85 inventory units of the Cullinan on 13 March.

The headline ASP for these 85 units is HK$54,719psf, with a wide range from HK$44,571psf to HK$95,523psf. With 12.95% total discount, the targeted achieved ASP should be HK$47,633psf.

In addition to the 85 units that had released pricing, SHKP still owns 44 more units on hand. Cheung Kong will also launch the last 32 units of La Lumiere on the coming Wednesday and soon launch the 1,648-unit Hemera afterwards.