Hong Kong home sales down 25% to 4,562 in January
Meanwhile, pent-up demand drove sales in the secondary market.
With primary transaction volumes reaching a record-low since December 2018, monthly home sales dropped by 25% m-o-m to 4,562 in January.
According to JLL, the sales momentum in the secondary market has been sustained by pent-up demand with mass residential capital values dropping moderated to 0.3% m-om in January, compared to the 0.6% drop in the previous month.
While developers turned conservative in marketing new projects at the beginning of the year, a limited number of projects were launched in January. However, the sell-through rates of projects introduced were generally high. All of the 145 units launched at ‘Monaco’ in Kai Tak, developed by Wheelock Properties, and over 95% of the 179 units launched at ‘LP10” in Tseung Kwan O, jointly developed by Nan Fung and MTRC, were sold on the first day of the project launches.
Among notable luxury transactions, an apartment at ‘The Albany’ in Mid-Levels Central was sold for HKD 103.5 million or HKD 51,036 per sq ft, SA.
THE SOUTHSIDE Package Five Property Development, atop Wong Chuk Hang Station, tendered by MTRC, was awarded to a consortium comprising of New World Development, Empire Group Holdings, CSI Properties and Lai Sun Development. The project will provide up to 1,050 units upon completion.