HK’s weekend primary home sales dipped 2%

Check out how new launched condos fared.

According to Maybank Kim Eng, over the weekend, 220 units of primary residential property were sold, aslight drop of 2% WoW but are considered satisfactory as The Wings II (with sales of 105 units over the last 2 days) entered its 3rd week of sales.

Here’s more:

According to the management of SHK Properties (SHKP, 16, BUY), over 400 units of the Tseung Kwan O project (or 51% of total 782 units) were sold since launched. The total proceeds reached HKD5b from the project. Separately, The Reach developed by Henderson Land (12)/New World Dev (17) in Yuen Long recorded 100 unit transactions over the weekend. 

Implication: We believe that the strong physical market sentiment will help developers in launching projects in short-run. Developers with recent launch pipeline will benefit more, in our view. Two major projects by SHK Properties, 

Residence 88 (Yuen Long with 352 units) and Imperial Kennedy (161-unit project in Western District) are expected to be launched before and after Chinese New Year, respectively.