43 New-Home Purchase Cancellations in November: 11 Units in Grand Jete Phase 2 Forfeited
In November, the primary property market in Hong Kong recorded a total of 43 purchase cancellations, down by 5 cases (or approximately 10%) compared to October’s 48 cancellations. The forfeited deposits amounted to approximately HK$35.98 million.
Among the projects, Phase 2 of Grand Jete in Tuen Mun, jointly developed by CK Asset (1113) and Sun Hung Kai Properties (0016), saw 11 units cancelled in a single day, with a total transaction value of HK$48.93 million. The developers are estimated to have forfeited HK$4.893 million in deposits from buyers.
The cancelled units were priced between HK$3.178 million and HK$6.981 million, spanning Blocks 3 and 5.
According to transaction records, the buyers had originally entered into purchase agreements on March 31 and April 21, 2023, but all transactions were terminated on November 13, 2024. Each buyer forfeited 10% of the purchase price as a deposit, ranging from approximately HK$320,000 to HK$700,000, for a total loss of HK$4.9 million.
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