This past weekend (Jan 24–25), the primary and secondary property markets in Hong Kong displayed contrasting performances. The primary market saw a significant slowdown, with overall transaction volume dropping sharply to approximately 180 units—a 45% decrease compared to the previous weekend. The market was largely supported by sales at Park Seasons in Tseung Kwan O and Grand Mayfair in Yuen Long.
Meanwhile, with fewer new launches in the primary market and secondary property owners becoming more realistic by expanding their price negotiation margins, some buyers shifted their focus to the secondary market. This led to a rebound in transactions within the city’s top 10 blue-chip housing estates. However, the increase in secondary market activity was mainly driven by price adjustments, with numerous cases of losses and low-price deals reflecting the market’s current "price-for-volume" adjustment phase.
New Home Sales: Weekend Transactions Fall 45% to 180 Units
New-home sales cooled off significantly this weekend (Jan 24–25), recording approximately 180 transactions—a sharp drop compared to the 322 deals from the previous weekend (Jan 17–18), representing a 45.78% decline. Compared to the 337 transactions two weeks ago (Jan 10–11), the drop was even more pronounced at 46.59%.
Conversely, the secondary market showed signs of recovery, with transaction volumes across the top 10 blue-chip housing estates managed by the four major real estate agencies all reaching double digits, ranging from 12 to 14 transactions, reflecting week-over-week growth of 9.09% to 55.55%.
Despite the overall decline in primary market activity, key projects continued to perform well. Over the weekend, Park Seasons in Tseung Kwan O supported the market with approximately 80 units sold over two days following a new sales phase. The Grand Mayfair series in Yuen Long also recorded 23 transactions. Other notable performers included Deep Water Pavilia II and the Le Mont series, with some bulk purchases by large-scale buyers.
In summary, while new-home sales remain the primary driver of market activity in the fourth week of January, funds have started flowing into the secondary market. This shift reflects an adjustment in buyer strategies, as the absence of major new launches in the primary market led to a slowdown in transactions. On the other hand, secondary market owners, adjusting to market realities, expanded their room for price negotiations, successfully attracting disappointed primary-market buyers and investors seeking discounted properties in blue-chip estates. This resulted in a contrasting performance between the primary and secondary markets.
Park Seasons: 80 Units Sold Over the Weekend, Bulk Buyer Spends HK$42M on 6 Units
At Park Seasons, a joint project by Wheelock Properties and MTR Corporation in Tseung Kwan O’s Lohas Park (Phase 12B), 108 units were launched on Saturday (Jan 24). A total of 80 units were sold, representing 74% of the available stock and generating over HK$530 million in revenue.
The sales attracted several large-scale buyers, with the largest spending HK$42.47 million to acquire six units for investment purposes.
The most expensive deal was for Unit A on the 65th floor of Tower 2B, featuring a 537-square-foot usable area with a two-bedroom layout. It sold for HK$9.208 million, or approximately HK$17,147 per square foot.
According to Wheelock Properties, the Seasons series benefits from its proximity to the MTR and shopping malls, making it appealing for both investment and self-use. With occupancy permits granted for Seasons Place and Park Seasons, the project now offers the advantage of immediate occupancy. Combined with its 98,000 square feet of resort-style clubhouse and landscaped gardens, the development has successfully attracted buyers through on-site tours, boosting sales momentum.
To date, the Seasons series has sold a cumulative 1,903 units, representing 96% of the total stock, with total revenue exceeding HK$11.9 billion.
Grand Mayfair Series: 23 Units Sold Over the Weekend, Generating HK$167 Million
Grand Mayfair, a joint development by Sino Land, China Overseas, K Wah, and MTR Corporation at Kam Sheung Road Station, also saw strong performance this weekend (Jan 24–25), recording 23 transactions and generating HK$167 million in revenue.
Most of the sales were concentrated in Grand Mayfair III, which accounted for 22 deals, while Grand Mayfair I recorded one transaction. To date, the series has sold a total of 1,859 units, with cumulative revenue exceeding HK$16.1 billion.
Over the weekend, transactions included one- to three-bedroom units. The highest-priced unit was on the 6th floor of Tower 2, Unit A5, in Grand Mayfair III. This 693-square-foot, three-bedroom unit sold for HK$10.95 million, or HK$15,827 per square foot.
Other notable high-value transactions included Unit A5 on the 17th floor (HK$10.78 million) and Unit A5 on the 9th floor (HK$10.66 million), both with usable areas of 692 square feet, priced at HK$15,580 and HK$15,416 per square foot, respectively.
Agents noted a recent rise in investor participation, which has also boosted the rental market for the development. In January alone, over 20 rental transactions have been recorded, with rents at attractive levels.
For example, Unit B5 on a high floor of Tower 9 in Grand Mayfair II (352 square feet) was leased out for HK$16,000 per month, translating to HK$45 per square foot—a rate comparable to the benchmark housing estate Vision City in Tsuen Wan West.
Strong Sales at Deep Water Pavilia II: 10 Units Sold Over the Weekend, Generating HK$150M
The Deep Water Pavilia II project at Wong Chuk Hang Station, jointly developed by New World, Emperor Group, CSI Properties, Lai Sun, and the MTR, recorded robust sales over the past weekend (Jan 24–25). A total of 10 units were sold, generating nearly HK$150 million in revenue.
All 10 transactions involved two-bedroom units. The highest-priced unit was Unit A on the 42nd floor of Tower 2, with a usable area of 558 square feet. It sold for HK$16.093 million, translating to HK$27,369 per square foot. The second-highest sale was Unit C on the 39th floor of the same tower, featuring 620 square feet, which sold for HK$16.061 million, or HK$27,176 per square foot.
A notable bulk purchase was also recorded, where a buyer spent over HK$26 million on two two-bedroom, two-bathroom units for investment purposes. The purchased units were Unit B on the 37th floor of Tower 2, sold for HK$13.392 million (HK$27,000 per square foot), and Unit B on the 35th floor, sold for HK$13.272 million (HK$26,758 per square foot).
So far this month, Deep Water Pavilia II has sold 38 units, generating nearly HK$700 million in revenue. Since its launch, the project has been highly popular, with 744 units sold—over 90% of the total inventory—bringing in approximately HK$12.8 billion in total revenue.
The project has attracted high-profile buyers, including prominent local tycoons and families, such as the Lo family of Great Eagle Holdings and Hang Lung Group CEO Weber Lo, who have previously supported the development.
Strong Weekend Sales at Le Mont: 12 Units Sold, Generating Over HK$66M
The Le Mont series in Tai Po, developed by Vanke Hong Kong, continued its strong sales momentum this past weekend (Jan 24–25). A total of 12 units were sold across its second and third phases, generating approximately HK$66.95 million in revenue. The units sold included one- and two-bedroom layouts, with nine transactions from Phase 3 and three from Phase 2.
The highest-priced transaction over the weekend was for Unit A5 on the 9th floor of Tower 1 in Phase 2. This 475-square-foot, two-bedroom unit sold for HK$6.457 million, or HK$13,594 per square foot.
Another notable transaction was for Unit A6 on the 15th floor of Tower 5 in Phase 3. This 440-square-foot, two-bedroom unit sold for HK$6.226 million, making it the second-highest-priced deal of the weekend, with a price per square foot of HK$14,150.
A bulk purchase was also recorded, where a buyer spent over HK$12 million to acquire two adjacent two-bedroom units in Phase 3, located on the 9th and 10th floors of Tower 5 (Units C5). Both units have a usable area of 435 square feet each and sold for HK$6.012 million and HK$6.053 million, respectively, with prices per square foot of HK$13,821 and HK$13,915.
Secondary Market Transactions Rebound with Double-Digit Sales Across Top 10 Blue-Chip Housing Estates
The secondary residential market saw a significant recovery this past weekend, with double-digit transactions recorded across all 10 major blue-chip housing estates monitored by the city’s four largest real estate agencies.
Centaline and Hong Kong Property reported 14 and 12 transactions, respectively, reflecting week-over-week increases of 55.5% and 33.3%. This marked a 10-week high for Centaline and a 44-week high for Hong Kong Property. Midland Realty and Ricacorp each recorded 12 transactions, showing steady improvements.
According to Centaline, the housing market’s "early spring" has been confirmed. Buyers are accelerating their purchases, fearing that prices may rise further as market sentiment improves and expectations grow for stimulus measures in the upcoming Budget.
Hong Kong Property noted that strong sales in large new developments, combined with the upcoming Lunar New Year, have encouraged some buyers to enter the secondary market early to secure properties before the holidays, and expects a "stable prices with rising volumes" trend or even simultaneous increases in both prices and volumes in the short term.
Hidden Risks Amid Strong Secondary Market: Loss-Making Sales Persist
Despite the rebound in transaction volumes, price pressure in the secondary market remains, with many loss-making transactions continuing to surface as some owners sell at significant discounts.
A notable loss-making deal was recorded at La Marina, a relatively new project atop Wong Chuk Hang Station. The unit, located on a high floor of Tower 1A (Unit D), featured a usable area of 751 square feet with a three-bedroom layout.
The original asking price was HK$20 million, but the unit was eventually sold for HK$19.68 million, or HK$26,205 per square foot. The original owner had purchased the unit in 2021 for HK$27.358 million, or HK$36,429 per square foot.
After holding the property for just four years, the seller suffered a paper loss of HK$7.678 million, representing a 28% drop in value.
A similar loss-making transaction occurred at Royal Peninsula, a landmark housing estate in Hung Hom. The unit, located on a high floor of Tower 2 (Unit A), featured a usable area of 690 square feet and a three-bedroom layout. It was recently sold for HK$9.9 million, or HK$14,348 per square foot—8% below the bank’s online valuation of HK$10.74 million.
The original owner had purchased the unit in 2019 for HK$13.6 million. After holding the property for six years, the seller incurred a paper loss of HK$3.7 million, representing a 27% depreciation in value.
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