| Staff Reporter, Hong Kong

Hong Kong home sales drop 29% to 4,358 in August

Developers are still holding off on new launches amidst the pandemic.

Owing to the ongoing COVID-19 pandemic, JLL notes mass residential capital values in Hong Kong dropped by 1.0% m-o-m in August, against a 0.2% increase in the previous month.

Amid a faltering market sentiment, monthly home sales slipped further by 29% mo-m to 4,358 in August.

While developers continued to hold off on new launches amidst the prohibition of group gatherings, JLL says the only mass project launched in the primary market during the month was well-received. All the 185 units launched at ‘Seacoast Royale’ in Tuen Mun, jointly developed by Empire Group and Hong Kong Ferry, were sold on the first day of project’s launch.

Among the notable luxury market transactions, an apartment unit at ‘St. George’s Mansions’ in Homantin changed hands for HKD 115 million or HKD 53,738 per sq ft, SA.

In the government land sales market, Chinachem won a residential development site on Hiram’s Highway near Heung Chung Road (Lot 1003 in DD 214) in Ho Chung, Sai Kung for HKD 532 million (A.V. of HKD 9,246 per sq ft).

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