Hong Kong home sales down 12% to 6,133 in July

With the emergence of the third wave of COVID-19, the growth in mass residential capital values slowed to 0.2% m-o-m, compared to a 3.2% increase in the previous month.

Monthly home sales dropped by 12% to 6,133 in July, owing to a notable decrease in primary market transactions, according to JLL.

While some developers opted to postpone new launches due to the prohibition of group gatherings, the sell-through rates were satisfactory for projects that were introduced to the market. Over 95% of the 108 units launched at ‘Regency Bay (Phase 1)’ in Tuen Mun, developed by Sun Hung Kai Properties, were sold on the first day of their launch. Meanwhile, over 50% of the 160 units launched at Wheelock Properties’ ‘KOKO HILLS (Phase 1)’ in Cha Kwo Ling were sold.

At the top-end of the market, an apartment unit at ‘Mount Nicholson’ at the Peak changed hands for HKD 533 million or HKD 116,000 per sq ft, SA.

In the public land sales market, a residential development site at Ma Wo Road (TPTL 243) in Tai Po was awarded to a joint venture formed by Vanke Property and CNQC International for HKD 3.7 billion (A.V. of HKD 4,738 per sq ft).