First-hand Property Transactions During the Outbreak of Coronavirus 2020/05
In early March, Wheelock Properties announced the sale of 189 of 208 flats, (90%) on offer at their Ocean Marini project in Tseung Kwan O, resulting in purchases totalling close to HK$1.59 billion. This sale was no doubt given a strong boost due to attractive discounted prices and buyers anticipation of lowered interest rates in Hong Kong. And while it certainly shouldn't be seen as a definitive indicator of an imminent recovery, it does indicate that cash-holding individuals exist in the market and have the confidence to invest. Wheelocks second batch of sales, a few weekends later, had only slightly less success (80% sellout), though this was largely attributed to a significant spike in virus cases at that time, leading many interested buyers to remain at home.
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