It dropped by a whopping 53.3% MoM.
According to the Land Registry data announced yesterday, December residential transactions dropped 53.3% MoM to 3,286 while total consideration tumbled 59.1% to HKD17.2b.
Kim Eng notes that in volume terms, the figure was lowest since November 2008, after significant capital market correction. The figure for the month was 3,264. Total property transactions, including homes, offices and parking spaces, was 9,129 in December, or a 21.2% drop from November.
Here’s more from Maybank Kim Eng:
“The figure was in line with its expectation, as the extension of Special Stamp Duty and introduction of Buyer’s Stamp Duty was in effect since end October. Total transaction dropped fewer than residential ones, supported by other transactions such as offices, industrial buildings and car park bays.
For FY12A, unit transactions grew 6.2% to 115,533 while value rose 11.2% to HKD654b. We expect that the performance of local developer sector will be affected by overhangs with further tightening risk from CE’s Policy Address on January 16th. Maintain our underperform stance to the sector in short-run.”
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
| www.marshe.sg | www.marsheproperties.com.sg | www.hudcsg.blogspot.com |
| www.hausatserangoon.sg | www.8riversuites.com | www.newagents.sg |