The Hong Kong real estate market is buzzing. This past weekend, the Sierra Sea Phase 2A project in Sai Sha sold all 229 units in its second round of sales within a single day. Meanwhile, large-scale transactions were recorded across other new developments in Kai Tak, Tai Po, and other areas, bringing the total number of new-home transactions to 322 over the weekend. Sierra Sea alone generated over HK$1.3 billion in sales. The robust sales performance has swept away market hesitation, significantly boosting secondary market activity.
Blue-chip housing estates, such as Mei Foo Sun Chuen and City One Shatin, saw frequent transactions. Some long-time owners seized the opportunity presented by the market rebound to sell their properties, achieving returns as high as 2.5 times their initial investments. This reflects the activation of the home-upgrade chain, with market sentiment continuing to improve and a “rising price and volume” trend gradually taking shape in the property market.
Primary Market Dominates as 322 Weekend Transactions Hold Near High Levels
The spotlight in Hong Kong’s property market remains firmly on new developments. Over the past weekend (January 17–18), the city recorded approximately 322 new-home transactions. While this figure represents a slight 4.7% dip from the previous weekend’s 337 transactions, it marks a significant and stable recovery compared to just two weeks prior (January 3–4), when only around 50 deals were recorded. This represents a fivefold increase within a fortnight, signaling that buyer confidence has fully returned.
The main driver of this surge in activity is the Sierra Sea Phase 2A project, which adopted a market-aligned pricing strategy. For two consecutive weekends, the development achieved complete sell-through of all listed units, revitalizing market sentiment. The positive momentum also benefited other projects, including The Henley, the Le Mont series, and the Grand Mayfair series, which all recorded transactions.
Overall, the concentrated purchasing activity in the second and third weeks of this month reflects an ongoing improvement in market sentiment, with buyers taking a more proactive approach to entering the market.
Sierra Sea Phase 2A Sells Out on Second Sales Day, Large Buyers Drive Market Buzz
On Saturday (January 17), Sun Hung Kai Properties’ Sierra Sea Phase 2A project achieved a full sell-out of all 229 listed units during its second round of sales, generating approximately HK$1.336 billion in revenue. The sold units included 27 one-bedroom apartments, 158 two-bedroom apartments, and 44 three-bedroom apartments, with usable areas ranging from 297 to 700 square feet. The discounted prices ranged from HK$3.501 million to HK$9.095 million, translating to per-square-foot prices of HK$10,383 to HK$14,200. The development recorded 49,257 receiving checks, representing an oversubscription of more than 214 times.
The developer wasted no time and, on the same evening, launched Price List No. 6, which included price adjustments for certain units. It also announced a third round of sales for 218 units scheduled for Wednesday (January 21).
Midland Realty Senior Director Sammy Po noted that the latest price list units are expected to sell out again, with no shortage of large-scale buyers. Several groups of buyers acquired multiple units, with some spending more than HK$20 million in total. These buyers typically purchased a mix of one-, two-, and three-bedroom units for both self-use and rental purposes.
Bu added that under the influence of various favourable market factors, investment demand continues to rise. Approximately 40% of this round’s buyers were investors, with expected rental yields for the development reaching around 4.5% based on an estimated rental price of HK$45 per square foot.
The Henley Series Sells 12 Units, Large-Scale Buyer Acquires Nine Units for Over HK$72 Million
The flagship project The Henley, developed by Henderson Land in Kai Tak, also performed well over the weekend, recording 12 transactions and generating over HK$100 million in total revenue. Sunday (January 18) saw particularly strong sales, with 11 units at The Henley III sold in a single day. A single large-scale buyer made headlines by purchasing nine units in one go, becoming a hot topic in the market.
Reportedly, the large buyer expressed strong confidence in the project, spending approximately HK$72.91 million to acquire nine one-bedroom units. These units, with usable areas ranging from 356 to 367 square feet, were transacted at prices between HK$7.526 million and HK$9.0824 million, translating to per-square-foot prices of HK$21,140 to HK$24,748.
Among these transactions, the highest-priced unit was a high-floor unit in Block 3A, Unit C on the 39th floor, with a usable area of 367 square feet. This highlights the enduring appeal and strong demand for premium high-floor units.
Le Mont Series Sees Strong Weekend Sales, Sells 16 Units for Over HK$90 Million
The Le Mont series, developed by Vanke Hong Kong in Tai Po, continues to attract strong market demand. Over the past weekend (January 17–18), the project maintained its upward momentum in both price and volume, successfully selling 16 units across two days. These units, ranging from one-bedroom to three-bedroom layouts, generated approximately HK$90.36 million for the developer, marking an impressive performance.
Most of the transactions were concentrated in Phase 2, which accounted for 12 sales, while Phase 3 recorded four transactions. According to the sales records, the two highest-priced deals in Phase 2 involved three-bedroom units. One of these, a 662-square-foot unit on the seventh floor of Tower 1 (Unit B1), sold for HK$8.378 million, with a per-square-foot price of HK$12,655. Another three-bedroom unit, a 620-square-foot apartment on the ninthj floor of Tower 6 (Unit A8), was sold for HK$7.687 million, equating to HK$12,398 per square foot.
Additionally, a two-bedroom unit on the 16th floor of Tower 1 (Unit A5) in Phase 2 also recorded a transaction. The 475-square-foot flat sold for HK$6.23 million, with a per-square-foot price of HK$13,115, demonstrating that mid-sized units remain highly sought after in the market.
In Phase 3, the sales focus was on Tower 5. The two highest-value transactions involved two adjacent units, C5 and C6, both standard two-bedroom layouts with a usable area of 435 square feet. Unit C5 sold for HK$5.567 million, with a per-square-foot price of HK$12,797, while Unit C6 was sold for HK$5.514 million, equating to HK$12,675 per square foot. The data shows that the project’s wide range of unit sizes, from spacious three-bedroom homes to practical two-bedroom apartments, continues to attract a diverse pool of buyers.
Grand Mayfair Series Sells Six Units Over the Weekend, Two-Bedroom Flats in High Demand
The Grand Mayfair series, a development near Kam Sheung Road station by Sino Land and others, also recorded steady sales over the weekend (January 17–18). Within just two days, six units were sold, generating a total revenue of approximately HK$39.91 million.
Two-bedroom units proved to be the most popular, accounting for five of the six transactions, with the remaining unit being a one-bedroom flat. The transactions were spread across various phases of the project. Grand Mayfair III performed the best, recording three sales, while Grand Mayfair I and II accounted for two and one transactions, respectively.
According to the sales records, the highest-priced transaction was recorded in Grand Mayfair III. The unit, located on the 12th floor of Tower 2 (Unit A1), featured a usable area of 519 square feet and was sold for HK$7.9396 million, translating to a per-square-foot price of approximately HK$15,297.
Two other high-value transactions also came from Tower 2 of Grand Mayfair III. Both involved Unit A6, a two-bedroom flat with a usable area of 467 square feet, sold at HK$7.7246 million and HK$7.7011 million for the 9th and 7th floors, respectively. The per-square-foot prices for these units were HK$16,540 and HK$16,490, reflecting the continued strong demand for high-quality two-bedroom flats.
Hot Primary Market Fuels Secondary Market Activity as Long-Term Owners Cash Out
The strong performance of the primary property market is driving increased activity in the secondary market, with some long-term owners taking advantage of the rebound to sell their units at significant profits. According to the latest statistics from Hong Kong’s four major real estate agencies, the weekend transaction volume at the city’s ten key housing estates showed notable improvement.
Ricacorp Properties, Midland Realty, and Hong Kong Property recorded 12, 11, and 9 transactions, respectively, representing weekly increases of 20%, 10%, and 80%. Centaline Property recorded nine transactions, remaining stable compared to the previous week.
Industry analysts attribute this surge to the hot sales in the primary market, which drove over 1,000 transactions and injected substantial capital into the market, effectively kickstarting a spring in the property sector. Coupled with widespread expectations of a 5% to 10% rise in property prices this year, buyers are feeling more confident about entering the market. This optimism has also drawn buyers who missed out on new developments to explore opportunities in the secondary market. However, with sellers becoming more optimistic, the room for price negotiation has narrowed, keeping transaction volumes on a steady upward trajectory.
The secondary market also saw notable examples of long-term owners cashing out at significant gains over the weekend.
In Mei Foo Sun Chuen, a buyer from outside the district, who had been observing the market for some time, decided to act quickly, believing that property prices had bottomed out and started to rebound. The buyer purchased a mid-floor flat in Block 42 on Broadway Street (Unit D) for HK$8.5 million. The unit, with a usable area of 734 square feet, features two bedrooms and a park view, translating to a per-square-foot price of HK$11,580.
The original owner purchased the unit in November 2004 for HK$2.438 million. After holding the property for nearly 20 years, they sold it for a profit of HK$6.062 million, representing a 2.5-times increase in value.
A similar case was recorded in City One Shatin. A low-floor three-bedroom unit in Block 16 (Unit E), with a usable area of 451 square feet, sold for HK$5.38 million. The flat, which came with renovations, fetched a per-square-foot price of HK$11,929.
The original owner purchased the property in 2005 for HK$1.78 million. After holding it for 19 years, they made a profit of HK$3.6 million, representing a twofold increase in value.
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