Mon, Dec 29, 2014 - Page 14 News List

New homes in HK to generate record sales this year

Bloomberg

Hong Kong’s new home sales are expected to bring record-breaking proceeds this year, as property developers actively sell new residential projects to raise cash for land.

Full-year new private residential sales in the territory are estimated to be coming in at HK$175 billion (US$22.5 billion), the highest since 1996, when the data was first collected, Wong Leung-sing (黃良昇), an associate research director at Centaline Property Agency Ltd (中原地產), wrote in an e-mailed statement yesterday.

“Home prices are so high that the new units are sold at HK$10 million on average,” Wong said by telephone.

His company is Hong Kong’s largest privately held realtor.

“Developers are actively selling new residential units to generate cash,” he added.

Sentiment has improved and buyers have returned to Hong Kong’s market after the territory’s Occupy Central protests, Wong said. Hong Kong developers are seeking to expand their landbanks as the government accelerates land sales to boost housing supply.

Dragons Range, a new residential project in the Sha Tin District developed by companies, including Kerry Properties Ltd (嘉里建設) and Sino Land Co (信和置業), has generated sales of HK$4.4 billion this month through Dec. 19, according to the statement.

The Parkside, a project by Wheelock Properties Ltd (會德豐地產), has recorded sales of more than HK$2.7 billion in the same period, the highest after Dragons Range.

New home sales in Hong Kong may reach a total of 16,500 units this year, the highest since 2007, Wong said in the statement.

A total of 16,190 new home sales were registered this year through Dec. 19, 66 percent higher than the whole of last year. They have brought in HK$174 billion this year through Dec. 19, 89 percent more than the previous year, according to the statement.

Separately, the number of used home transactions may reach 42,500 this year, with a total of HK$235 billion proceeds, according to the statement.

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