A buyer who agreed to buy a unit at Sun Hung Kai Properties’ St Martin II two weeks ago cancelled the purchase on Thursday. The U-turn on the HK$7.25 million studio unit in Tai Po in the New Territories meant the buyer had to forfeit the 5 per cent deposit – about HK$362,700 (US$46,200).
That followed five instances on Wednesday at Sun Hung Kai’s Park Yoho Milano in the northern Yuen Long district. A total of nearly HK$2 million will be charged for the sales terminations. The project debuted last month and was seen as the cheapest residential project this year.
Sales of flats slowed down in July and are expected to be further deflated in August. Data from agency Ricacorp showed 1,740 new home sales contracts were signed in July, 15 per cent lower than in June. By August 14, only 711 deals for new flats were recorded. Contracts for lived-in homes numbered 4,040 last month, 7 per cent lower than June, and only around 1,300 deals have been booked so far this month.