Robust sales at Carmel-on-the-Hill in Ho Man Tin are expected to stimulate the secondary market, with some owners raising their asking prices by about 5 per cent, according to property agents.

Matthews Lee, sales director at Centaline Property Agency, said the secondary market in the area was relatively quiet, with only about 10 transactions each month.

"Most owners are end users, and those who bought at the peak of the market would like to hold on to them instead of selling at a loss," he said. This explained why the sales market was not as active as it was in other districts.

"But the sale did put Ho Man Tin in the picture again, with Carmel-on-the-Hill attracting 4,000 flat viewers over the weekend," Mr Lee said.

Owners had either raised their asking prices or held back from sales for the time being in expectation of higher prices later in the year, he said.

At the same time, some speculators immediately offered their Carmel-on-the-Hill units for resale for up to 20 per cent above what they had paid for in the primary market, agents said.

The average transacted prices in the area ranged from $3,000 per square foot to $5,000 per square foot, depending on the location and the quality of the building.

Stanley Yu Shing-wai, Ho Man Tin district manager at Ricacorp Properties, said an increasing number of investors also attracted to the area were offering units at a monthly rental of between $24 per square foot to $25 per square foot. - 2004 August 18   SOUTH CHINA MORNING POST    

Sun Hung Kai Properties offered another luxury residential project, 1 Ho Man Tin Hill Road.

The company aimed to set a benchmark for prices in the area. Some units have been pre-sold at more than HK$7,000 per square foot through internal sale.  - 2003 February 15   South China Morning Post


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