Secondary home sales rebounded to a 12-year high over the Lunar New Year holidays in Hong Kong, according to latest property agency’s figures.

The rebound was reported as Kerry Properties (0683) sold via tender a luxury house at its Mont Rouge residential project for HK$70.69 million, or HK$41,001 per square foot, during the holidays.

Analysts believed the local property market may have stabilized in light of the rebound in the secondary market and the sale of the luxury house.

The agency’s figures for the five days showed a total of 20 properties in 10 major housing estates changed hands in the secondary market.

Meanwhile, another agency reported 18 transactions at 10 blue-chip housing estates over the holidays, the highest on its record.

A property agent said that although the market was usually quiet during Lunar New Year, the Year of the Rabbit started off with reopening in the border and amid hopes for economic recovery. The agent said the market rebounded for both prices and transactions.

In a related development, K Wah International (0173) said it plans to sell more than 8,000 units in the Year of the Rabbit, of which KT Marina 1 in Kai Tak will likely be the first project to be put up for sale. KT Marina 1 offers 1,017 units.

Vanke Hong Kong also plans to launch its project at Ma Wo Road in Tai Po this year at the earliest to provide about 1,500 units.