As December begins, traditionally a quiet season for the property market, the past weekend (December 6–7) saw limited new project launches, leading to just 62 primary market transactions. This marks a 15% drop compared to last weekend's 74 transactions (November 29–30), extending the decline for a third consecutive week. The primary market activity over the weekend was primarily supported by leftover inventory, with notable sales recorded at Phase 12 Seasons in Lohas Park, Kai Tak's KT Marina, and North Point's State Pavilia. Additionally, some luxury properties achieved significant deals.
In contrast, the secondary market showed stronger performance as many potential buyers, anticipating another interest rate cut this month, shifted their focus to hunting for bargains in the second-hand market. Despite a tightening supply of listings across various districts, buyer enthusiasm remained high, driving stronger transaction volumes in the top 10 estates. Major agencies reported positive results, with Centaline, Midland, and Ricacorp recording 12, 12, and 11 transactions, respectively, reflecting week-on-week increases ranging from 9.09% to 50%.
Quiet Primary Market: Inventory-Led Sales with Only 62 Transactions Over Two Days
The primary market quieted over the weekend due to several factors, including delays in new project launches caused by recent fire incidents and investors adopting a wait-and-see approach ahead of the US Federal Reserve's interest rate decision. Only 62 transactions were recorded from leftover inventory, representing a 15% week-on-week drop and marking the third consecutive weekly decline.
Among the notable transactions, Lohas Park Phase 12 Seasons, developed by Wheelock Properties in partnership with MTR Corporation, saw increased activity due to its near-completion status. On December 7 alone, 12 units were sold, generating HK$73.065 million in revenue.
The units sold included apartments from Park Seasons and Grand Seasons, featuring one- and two-bedroom layouts with usable areas between 322 and 457 square feet. Prices ranged from HK$4.965 million to HK$7.056 million, with per-square-foot prices between HK$14,506 and HK$15,806. The most expensive transaction was for Unit B on the 42nd floor of Block 1B in Grand Seasons, a two-bedroom flat with an open kitchen spanning 457 square feet, sold for HK$7.056 million at HK$15,440 per square foot.
The developer noted that the near-completion status of the project, offering "move-in ready" advantages, has boosted sales momentum. Since Friday (December 5), 22 units have been sold within three days. This year, the Seasons series has sold 724 units, generating nearly HK$4.58 billion in revenue. Since its launch, a total of 1,683 units has been sold, with cumulative sales reaching approximately HK$10.54 billion.
At Kai Tak’s KT Marina, jointly developed by K Wah International, Wheelock Properties, and China Overseas, six units were sold over the weekend, generating HK$56.694 million in revenue. The transactions included four one-bedroom units and two three-bedroom units. The most expensive unit was an 8th-floor, 771-square-foot three-bedroom suite in Block 2A, sold for over HK$16.658 million, with a per-square-foot price of approximately HK$21,606. Another 771-square-foot unit on the 6th floor of the same block sold for over HK$16.61 million, with a per-square-foot price of around HK$21,543.
Meanwhile, New World Development's State Pavilia project in North Point recorded four additional sales over the weekend, all one-bedroom units, totaling HK$31.482 million in revenue. Notable transactions included Unit B9 on the 33rd floor of the Victoria Zone, a 355-square-foot one-bedroom unit sold for HK$8.099 million, with a per-square-foot price of HK$22,814. Other sales included Unit B9 on the 31st floor (HK$7.938 million, HK$22,360 per square foot), Unit B6 on the 30th floor (HK$7.838 million, HK$21,712 per square foot), and Unit A7 on the 29th floor (HK$7.607 million, HK$21,189 per square foot).
It is reported that the buyer of Unit B6 on the 30th floor was a local investor who favored the project due to its integrated shopping mall, intending to use it as a long-term investment. To date, the project has sold 377 units, accounting for over 97% of total inventory, with cumulative sales exceeding HK$4.1 billion. Buyers include celebrities, expatriates, and high-net-worth individuals. Over 80% of buyers opted for immediate-payment plans, and The Legacy unit set a new high for the project at HK$51,000 per square foot. Only 11 one-bedroom units remain available for sale.
Luxury Market Sees Significant Transactions
The luxury property market also recorded major transactions over the weekend. Hang Lung Properties sold House 33A at 23-39 Blue Pool Road, Happy Valley, on Saturday (6th) via tender. The villa, with a usable area of 4,571 square feet, features a layout of four en-suite bedrooms, a 1,344-square-foot terrace, and a 393-square-foot garden. Fully furnished and decorated, the property sold for HK$227.88 million at approximately HK$49,853 per square foot. Buyers are entitled to a cash rebate equivalent to 4.25% of the property price for stamp duty and an additional 6.75% in cash rebates.
Meanwhile, at 3 Lung Kui Road, Mont Verra, a property under Kerry Properties, a unit in Tower 6 on the 3rd floor (Unit B) was sold via tender on Sunday (7th). The apartment, with a usable area of 4,332 square feet, offers a layout of four en-suite bedrooms, two maid's rooms, and comes with two parking spaces. It was sold for HK$225 million, translating to approximately HK$51,939 per square foot. Buyers received a 4.25% stamp duty subsidy and a 6% cash rebate for furnishings.
Additionally, Sun Hung Kai Properties sold a villa at Lily Avenue 10 in the St. Barths development in Ma On Shan on Saturday (6th) via tender. The villa, spanning 2,153 square feet of usable area, offers a three-bedroom layout, a 549-square-foot garden, and a 672-square-foot rooftop. It was sold for HK$48.229 million, or approximately HK$22,401 per square foot. Records show the villa was previously sold for HK$51.8873 million in 2019, but the transaction was cancelled. The current sale price reflects a 7% drop from six years ago.
Secondary Market Transactions Increase Amid Mixed Sentiment
In the secondary market, transaction volumes in the top 10 housing estates rose over the weekend, according to data from four major property agencies. Centaline, Midland, and Ricacorp recorded 12, 12, and 11 transactions, respectively, representing week-on-week increases of 4, 1, and 1 transactions, with growth rates of 50%, 9.09%, and 10%. Hong Kong Property recorded eight transactions, unchanged from the previous weekend. Analysts attribute the uptick in transactions to buying power returning to the secondary market.
However, the market sentiment remains lukewarm, with more cases of losses recorded.
For example, in Tuen Mun, a high-floor Unit C at The Parkville, with a usable area of 575 square feet, featuring three bedrooms, two living rooms, and an en-suite bathroom, was sold to a non-local buyer for HK$6.7 million, or approximately HK$11,652 per square foot. The original owner purchased the unit in 2018 for HK$9.708 million, resulting in a paper loss of HK$3.008 million—a 30.98% decline in value.
Similarly, a low-floor Unit E in Tower 1 of Castello, Sha Tin, with a usable area of 547 square feet and a two-bedroom layout facing a southeast garden view, was originally listed for HK$7.5 million. After a price reduction of HK$320,000, the unit was sold for HK$7.18 million, or approximately HK$13,126 per square foot. The original owner purchased the property in August 2021 for HK$8.36 million. After holding the property for four years, the sale resulted in a paper loss of HK$1.18 million, reflecting a 14.12% drop in value during the period.
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