Weekend home sales best-performing over last 8 CNY breaks

But sales were down by 60 units WoW.

According to Maybank Kim Eng, over the long weekend of Chinese New Year holiday, 150 primary residential properties were being transacted.

This compares with over 210 units sold on previous week but the performance is the best over the last 8 years of CNY break.

Here's more:

Residence 88m, developed by SHK Properties, sold 100 units since launch yesterday and the market expects that the sales momentum will be strong for the project. A further 40 units will be launched within this week, with total sold/launched units of 140 accounting for 40% of total 352 available homes of the project.

The Reach (Yuen Long, JV by Henderson Land (12) and New World Dev (17)) also received good responses from remaining properties sales, with 35 units transacted over the last 5 days. 

Implication: The sentiment of primary residential property market remained strong since January 2013, as purchasing power consolidated after the policy address by Chief Executive and no new tightening policies targeted to property market lately. We believe that the physical property market will help in boosting share price of local developers in short run.