Transaction volume in Hong Kong’s primary property market softened over the past weekend (March 21–22). According to market data, about 214 new-home deals were recorded over the two days, down 46.1% from the 397 transactions logged the previous weekend (March 14–15). Activity during the period was mainly driven by Cloudview, Deep Water South Phase 6A, Highwood Phase 1, and Kennedy Bay.
Cloudview sells only 43% in second round
Cloudview, developed by Wing Tai Properties in Sheung Shui, launched its second round of sales on Sunday (March 22), offering a total of 153 units. According to market sources, 66 units were sold on the day, representing about 43.1% of those released. That was notably weaker than the first round on March 14, when 74.5% of the units were sold.
Most of the units sold in the second round were studios and one-bedroom apartments, with saleable areas ranging from 218 to 316 sq ft. Transaction prices ranged from HK$2.993 million to HK$4.368 million, while the highest price per square foot reached around HK$15,271.
Despite the overall lukewarm sales, the project still recorded five bulk purchase transactions on the day. The largest came from a Hong Kong Island buyer, who spent more than HK$16 million to acquire four units for investment. The other four groups of buyers each purchased two units. Together with the first round of sales, the project has sold a cumulative 218 units in nine days.
Deep Water South Phase 6A sells just 65% of units in first round
Deep Water South, the Phase 6 development at Wong Chuk Hang Station under the Southside project, is jointly developed by Wheelock Properties and MTR Corporation. Its Phase 6A, Mont Blue, launched the first round of sales on Sunday (March 22). A total of 93 units were offered via price list, and market sources said 60 units were sold on the day, accounting for only 64.5% of the total. Cash proceeds for the day came to nearly HK$720 million, with sales falling short of expectations.
During the Group A bulk-buyer session, the project sold 26 units, generating more than HK$322 million. The largest single transaction involved a buyer spending about HK$129 million to purchase 10 units, including four one-bedroom and six two-bedroom apartments.
Including the 12 units previously sold by tender in Phase 6B, Grande Blanc, the entire project has so far sold 72 units, generating total proceeds of nearly HK$1.3 billion.
Highwood Phase 1 logs 34 deals, generating about HK$196 million
Highwood Phase 1, Henderson Land’s new residential project on To Kwa Wan Road in Ma Tau Kok, recorded 34 transactions on Saturday (March 21), according to the sales register. This represented 68% of the 50 units offered on the price list, generating total proceeds of about HK$196 million.
Most of the units sold were one-bedroom apartments, with a smaller number of two-bedroom units also taken up. Saleable areas ranged from 269 to 379 sq ft, with transaction prices between HK$4.8695 million and HK$8.0287 million. Prices per square foot ranged from about HK$18,102 to HK$21,184.
The two highest-priced deals were both in Tower 1 — Flat H on the 30th floor and Flat H on the 27th floor. Both are two-bedroom units with a saleable area of 379 sq ft, and were sold for HK$8.0287 million and HK$7.8081 million respectively. Among them, the 30th-floor H unit also achieved the project’s highest price per square foot at HK$21,184.
Kennedy Bay sells 14 units, raising about HK$146 million
Meanwhile, Kennedy Bay, developed by Easyknit International, recorded 14 transactions over the weekend (March 21–22). Sales register data shows that the units generated combined proceeds of about HK$146 million.
The deals comprised 11 one-bedroom units and 3 two-bedroom units, with saleable areas ranging from 284 to 412 sq ft. Transaction prices ranged from HK$8.96 million to HK$13.761 million, while prices per square foot were about HK$31,111 to HK$34,507.
The two highest-priced transactions involved Flat E on the 22nd floor and Flat E on the 21st floor, both two-bedroom units with a saleable area of 412 sq ft. They were sold for HK$13.761 million and HK$13.33 million respectively, translating to HK$33,400 and HK$32,354 per sq ft.
The unit that achieved the highest price per square foot was Flat C on the 22nd floor, a one-bedroom apartment with a saleable area of 284 sq ft, which sold for HK$9.8 million, or HK$34,507 per sq ft.
Secondary-market transactions at major estates remain stable; long-term Fairview Park owner scores 88-fold gain
Weekend secondary-market activity across the 10 major housing estates tracked by the city’s four major property agencies remained broadly steady over March 21–22. Midland, Centaline and Ricacorp recorded 12, 11 and 9 transactions respectively, all unchanged from the previous week, while Hong Kong Property reported 8 transactions, up 60% week on week.
Although sales performance at the headline new launches moderated slightly this weekend, Willy Liu, CEO of Ricacorp Properties, said the overall primary market has remained active recently, with developers accelerating launches after earlier projects posted solid sales. Some developers have even pushed ahead with price increases. However, he noted that asking-price increases among secondary homeowners have been relatively more aggressive, which may have dampened buyers’ willingness to enter the market and limited any further breakthrough in secondary sales. He added that the psychological impact of geopolitical tensions on the market is gradually fading, and said Hong Kong’s property market fundamentals remain sound, with buyers still confident about the outlook.
Peter Wong, Director of Research Department at Hong Kong Property, said the launch of a brand-new project during the weekend, together with the opening of show flats and ongoing subscription registration at multiple developments, helped lift overall market sentiment and encouraged buyers to speed up their home-search decisions. Some buyers, he added, also returned to the secondary market in search of suitable units. He expects the secondary market to benefit as more new projects are rolled out, and believes ample market liquidity will continue to support both prices and transaction volume.
One of the more notable secondary-market deals involved a long-time owner making a substantial profit. A semi-detached house on Third Street, Section H of Fairview Park in Yuen Long, with a saleable area of about 848 sq ft, changed hands for HK$8.8 million. The three-bedroom property enjoys an open view and comes with a garden of about 928 sq ft. Market sources said the buyer was attracted by the private garden and the ability to park multiple vehicles on the premises, prompting a quick offer.
The property was originally listed at HK$9 million and was sold for HK$8.8 million after just one day on the market, equivalent to about HK$10,377 per sq ft.
The original owner bought the property in 1978 for about HK$99,000 and sold it after holding it for around 48 years, booking a paper gain of about HK$8.7 million. The property’s value rose by nearly 88 times over the holding period.
