〈The Standard, May 29, 2020〉The first batch of flats at Central 8 in Mid-Levels has been 2.8 times oversubscribed, with developer Emperor International (0163) receiving 260 checks for the 68 flats on offer.
The first batch has an average price of HK$30,814 per square foot after discounts, and 34 units were sold as of 9 pm yesterday.
Meanwhile, Vanke Property (Hong Kong) released 47 flats in the third price list of The Campton in Cheung Sha Wan at an average price of HK$17,896 per square foot after discounts, 9 percent higher than the first price list. The cheapest 369-sq-ft flat was offered at HK$6.57 million, or HK$17,875 per sq ft after discounts. The Campton's first batch of 188 units was 37 times oversubscribed on Wednesday.
And Sun Hung Kai Properties (0016) received 7,000 checks for 298 flats at Wetland Seasons Park Phase 2 in Tin Shui Wai, 22 times oversubscribed. The second batch of sales will be launched on Saturday, worth over HK$1.8 billion in total after discounts. The cheapest flat, a one-bedroom unit, is offered at HK$3.98 million.
The project put 155 additional units on sale on Tuesday at an average price of HK$12,783 per sq ft.
〈Asian Post , May 28, 2020〉88 more Oma flats hit the market
Wing Tai Properties released 88 flats in the fifth price list of Oma by the Sea in Tuen Mun, at an average price of HK$13,746 per square foot after discounts, 9.5 percent higher than the first price list. The cheapest 338-sq-ft flat was offered at HK$4.44 million, or HK$13,133 per sq ft.
Meanwhile, Vanke Property (Hong Kong) sold all 188 flats on offer for The Campton in Cheung Sha Wan in only eight hours, raking in a total of HK$1.4 billion.
And Sino Land (0083) sold the last 3,070-sq-ft duplex at The Palazzo in Fo Tan to mobile game developer Terence Tsang Kin-ho for HK$80 million, or HK$26,059 per sq ft, while a 1,554-sq-ft duplex flat at La Cresta in Cove Hill sold for HK$36.63 million, or HK$23,571 per sq ft, by tender.
In the secondary market, Salenda Lau, the former general manager of sales and marketing at Sino Land, purchased a 2,579-sq-ft unit at luxury residential estate Hong Lok Yuen in Tai Po for HK$42 million, or HK$16,285 per sq ft.
And a 509-sq-ft flat at K.City in Kai Tak changed hands for HK$10.6 million, or HK$20,825 per sq ft, after HK$1 million was slashed from the initial asking price.
〈Asian Post, May 27, 2020〉Analysts say many would-be purchasers are making offers of up to 35pc below asking prices as concerns over city's outlook deepen
Commercial property prices in Hong Kong, which have fallen nearly 25 per cent since the protests started a year ago, are now facing pressure from Beijing's proposed plan to impose a national security law on the city.
Buyers are seizing the opportunity to squeeze further discounts from sellers.
"Buyers are for sure looking for deeper discounts in case the situation gets worse," said Vincent Cheung, managing director of Vincorn Consulting and Appraisal. "Most buyers are now offering 30 per cent to 35 per cent below the asking price."
The impact of the proposed law is already being felt.
On Monday, three days after the plan was announced at the "two sessions" annual meetings of the National People's Congress and the Chinese People's Political Consultative Conference, a 1,476 sq ft office space in Kingpower Commercial Building in Wan Chai was put on sale for HK$9,000 per square foot, 10 per cent lower than another unit in the same building listed a week earlier, according to Midland IC&I.
Commercial vacancy rates in Hong Kong reached 7.3 per cent in the first quarter, a 10-year high, according to Colliers International. Rents for grade A offices in Central meanwhile fell by 60 per cent in the first three months, the lowest in a decade, agents said.
〈The Standard, May 26, 2020〉A 2,848-square-foot unit at Dukes Place on Jardine's Lookout was sold through tender for HK$222 million, or around HK$78,000 per sq ft, with the per-sq-ft price hitting a new high at the estate.
The developers - Couture Homes Properties, Grosvenor Asia Pacific and Asia Standard International - have collected about HK$1 billion after selling five units at the project this year.
Dukes Place provides 16 units, measuring between 2,846 sq ft and 6,867 sq ft.
In the secondary market, a 3,804-sq-ft luxury house on 13 Stafford Road in Kowloon Tong is available for sale for HK$220 million.
A mainland investor suffered a loss of around HK$650,000 after selling a 381-sq-ft flat at Homantin Hillside in Hung Hom for HK$7.5 million, or HK$19,685 per sq ft, after slashing HK$2 million from the initial asking price.
〈The Standard, May 26, 2020〉Security law rattles homebuyers
Homebuyers are backing out of deals amid fears of a price slump sparked by Beijing's introduction of the new national security law, with K Wah International (0173) recording nine cases of forfeited deposits at Solaria in Tai Po, totaling HK$11.83 million.
The nine flats, measuring between 325 square feet and 597 sq ft, are offered at HK$6.28 million to HK$10.92 million.
Meanwhile, a prospective homebuyer forfeited deposits of about HK$380,000 after calling off the purchase of a 327-sq-ft flat at The Vertex in Cheung Sha Wan, which was offered at HK$7.69 million.
Another buyer gave up deposits of around HK$460,000 after canceling the purchase of a 484-sq-ft flat at Seaside Sonata in Sham Shui Po that was priced at HK$9.13 million.
In Tuen Mun, however, Wing Tai Properties (0369) sold a 619-sq-ft flat at OMA by the Sea for HK$10.05 million, or HK$16,244 per sq ft, a new high at the estate.
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