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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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