Hong Kong weekend property sales climbed 65%

Check out which developers raked in the highest sales.

According to Maybank Kim Eng, primary property transactions rebounded over the weekend with developers’ focus shifting to stimulate unit sales by raising sales commission to agents and promotional offers to buyers. One Hundred and Fourteen units of primary property were sold over the weekend, up 65% WoW from previous 69. 

Here's more:

Green Code by HK Ferry (50 HK) recorded 59 transactions with ASP of HKD6,750 psf of GFA. Cumulative sales reached 350 units, or 48% of total 728 units.

Henderson Land (12)/New World Dev (17)-JV’s Yuen Long project, The Reach, recorded 19 transactions. Secondary transactions dropped substantially over the weekend as potential buyers halted their purchase decision after the introduction of double stamp duty and mortgage rate hike announced by major banks.

Only 1 transaction was recorded over the weekend from Centaline’s top 10 estates, versus 6 transactions in previous week. Rental activities increased in
the major secondary estates.  

We believe that the dominance of primary market to overall physical market will continue, as developers have adopted a fast-asset-churn/more price incentives strategy to stimulate unit sales.

While we believe that the increasing land supply and moderating land price will help developers in their margin in medium term, we expect that the local developers will continue to underperform market amid the impact from a series of property curbs.