Secondary sales remain subdued
Transactions in the secondary home market remained subdued over the past two days. Less than 5 transactions were recorded in the ten major estates, according to the three major estate agencies. Ricacorp reported 2 transactions only, dropped 60% w-o-w. It was also the 15th weekend with single digit transactions.
Primary sales slashed 62% to 127 cases at weekend
A total of 127 primary transactions were recorded over the past two days, slashed 62% compared with 330 transactions at past weekend, setting a new low for the past three weekends. Ocean Supreme, in Tsuen Wan, launched 160 units in two batches over the past two days. Of which, 73 units were sold out, accounting for 57% of overall primary sales.
Michael Wong: building routes can enhance Kai Tak’s connectivity
Michael Wong Wai-lun, Secretary for Development, recently stated in his blog that Kai Tak Area is the future development cluster of the city, with a site area of over 320 hectares. Apart from the Sha Tin to Central Link, 4 more routes will be built to support the traffic network in the area. Among which, Kai San Road is already opened in use.
F&B sector returns prime retail districts
Food and beverage sector has returned the prime retail districts due to the rent fall. It is reported that a street shop at Nathan Road, Mong Kok, has been leased to a donuts house for HKD 270,000 per month, 30% lower than the previous tenancy. Tai Hing Roast Restaurant also leased a street shop at Matheson Street, Causeway Bay, for HKD 230,000 per month. The rent cut was about 40%.
(Sources: Vigers Research and market news)