Results 1 to 4 of 4

Thread: Will HK's unsold tiny flats problems a warning to Singapore shoebox flats?

  1. #1
    Join Date
    Jan 2011
    Posts
    803

    Default Will HK's unsold tiny flats problems a warning to Singapore shoebox flats?

    Hong Kong's Tiny Flats Pile Up Unsold

    By Wai Yi Shawna Kwan / Bloomberg | August 4, 2017 4:17 PM MYT

    Tiny flats are flooding Hong Kong as developers rush to target first-time buyers struggling to get into the world’s priciest market.

    Inventories of new flats smaller than 431 square feet (40 square meters) rose to about 1,400 at the end of June, according to Centaline Property Agency. Wong Leung-Sing, an associate director of research, said the number may rise to about 2,000 by year end, the highest in data that started in 2014. The figures include dwellings yet to be completed.

    The wave of smaller flats is testimony to the price surge that has put bigger homes beyond the reach of many buyers and triggered warnings from analysts and officials that the city is at risk of a property crash. Financial Secretary Paul Chan has cautioned of a “dangerous situation” after repeated efforts to cool the market.

    Developers built 2,346 pint-sized flats in the first five months of 2017, or 60 percent of last year’s total. Annual construction of small apartments surged more than 500 percent from 2011 to 2016, according to government data.

    A 150 square foot home — slightly bigger than a car park — can cost HK$2.8 million ($358,000) at the AVA 61 project in one of Hong Kong’s poorest districts, Sham Shui Po, according to the Apple Daily newspaper. At that development, 82 of 95 units had sold as of Thursday after sales began in June, and the agent for the project, Midland Realty, says Hong Kong’s record prices will continue to support demand for small units.

    While developers can cut prices to clear inventory as needed, some analysts are concerned that buyers could end up with units they can’t resell.

    “It could be dangerous when these small flats are unleashed onto the second-hand market after the demand is filled up in the next three to five years,” Bocom International Holdings Co. analyst Alfred Lau said.


    The story, written by Wai Yi Shawna Kwan, first appeared on Bloomberg.

  2. #2
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default HSBC, BOC and Standard Chartered Bank

    Maybe Singapore Dollar should be also like Hong Kong so as not to confuse people thinking money is created by the Singapore Government.

    We should have DBS dollar note, UOB dollar note, OCBC dollar note instead.


  3. #3
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    Quote Originally Posted by Amber Woods View Post
    Hong Kong's Tiny Flats Pile Up Unsold

    By Wai Yi Shawna Kwan / Bloomberg | August 4, 2017 4:17 PM MYT

    Tiny flats are flooding Hong Kong as developers rush to target first-time buyers struggling to get into the world’s priciest market.

    Inventories of new flats smaller than 431 square feet (40 square meters) rose to about 1,400 at the end of June, according to Centaline Property Agency. Wong Leung-Sing, an associate director of research, said the number may rise to about 2,000 by year end, the highest in data that started in 2014. The figures include dwellings yet to be completed.

    The wave of smaller flats is testimony to the price surge that has put bigger homes beyond the reach of many buyers and triggered warnings from analysts and officials that the city is at risk of a property crash. Financial Secretary Paul Chan has cautioned of a “dangerous situation” after repeated efforts to cool the market.

    Developers built 2,346 pint-sized flats in the first five months of 2017, or 60 percent of last year’s total. Annual construction of small apartments surged more than 500 percent from 2011 to 2016, according to government data.

    A 150 square foot home — slightly bigger than a car park — can cost HK$2.8 million ($358,000) at the AVA 61 project in one of Hong Kong’s poorest districts, Sham Shui Po, according to the Apple Daily newspaper. At that development, 82 of 95 units had sold as of Thursday after sales began in June, and the agent for the project, Midland Realty, says Hong Kong’s record prices will continue to support demand for small units.

    While developers can cut prices to clear inventory as needed, some analysts are concerned that buyers could end up with units they can’t resell.

    “It could be dangerous when these small flats are unleashed onto the second-hand market after the demand is filled up in the next three to five years,” Bocom International Holdings Co. analyst Alfred Lau said.


    The story, written by Wai Yi Shawna Kwan, first appeared on Bloomberg.


    Will you keep the HSBC paper or exchange it with property.

  4. #4
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default


Similar Threads

  1. Replies: 4
    -: 30-07-14, 20:17
  2. Over 1,000 DBSS flats still unsold since scheme's suspension
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 5
    -: 18-09-12, 14:49
  3. Tiny flats a good buy?
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 6
    -: 16-11-09, 17:09
  4. Unsold HDB flats largely cleared: CEO
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 03-11-09, 16:37
  5. Four agencies to handle sale of 250 unsold HDB flats
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 23-02-07, 09:46

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •