Following the announcement of the 2026-27 Budget, the first weekend (February 28 to March 1) saw developers actively pushing small- to medium-sized new projects. Despite geopolitical tensions and instability in the Middle East over the weekend, buyer confidence in the property market remained strong, and market activity picked up significantly. Including leftover inventory from ongoing new project sales, the primary market recorded approximately 97 transactions over the past two days, nearly tripling from the 34 deals last weekend. The surge in activity was mainly driven by projects like Blue Coast, Chill Residence, and Central Residence by the park.
The secondary market also saw an upward trend, with the top 10 blue-chip housing estates tracked by the four major agencies recording 8 to 16 deals each, representing a 1- to 3-time increase from the previous week.
Blue Coast Sells All 25 Units After 5% Price Hike, Generating HK$495 Million
The Blue Coast project, jointly developed by CK Asset Holdings and MTR Corporation, launched 25 three-bedroom units for sale on a first-come, first-served basis on Sunday (March 1). The discounted average price per square foot for these units was HK$26,339, reflecting a 5% price increase compared to previous launches.
According to market sources, all 25 units were sold out, generating a total of HK$495 million in revenue. The sold units ranged in usable area from 728 to 792 square feet, with transaction prices between HK$18.33 million and HK$22.12 million, and unit prices ranging from HK$24,891 to HK$28,620 per square foot.
The most expensive unit sold was Unit B, 39/F, Tower 2A, with a usable area of 773 square feet. It features a three-bedroom ensuite layout with a closed kitchen and sold for HK$22.12 million, translating to HK$28,620 per square foot.
On Monday (March 2), the developer launched another 15 four-bedroom units in Tower 1A through tender sales.
To date, the Blue Coast project has sold a total of 1,129 units, generating over HK$19.4 billion in revenue.
Chill Residence Sells 19 Units, Bringing in Over HK$139 Million
Meanwhile, Poly Property’s Chill Residence launched a new round of sales on Sunday (March 1), offering 19 units from its price list. All units were successfully sold, generating more than HK$139 million in revenue.
The sold units ranged in usable area from 246 to 730 square feet, covering layouts from studio apartments to three-bedroom units.
Transaction prices for these units ranged from HK$4.22 million to HK$13.36 million, with unit prices between HK$16,350 and HK$18,300 per square foot.
The highest transaction price and unit price came from Unit A, 33/F, Tower 2, with a usable area of 730 square feet. This three-bedroom ensuite unit sold for HK$13.36 million, translating to HK$18,300 per square foot.
Central Residence by the park Sells 4 Units via Tender, Generating HK$73.06 Million
Central Residence by the park, a project jointly developed by Pacific Century Premium Developments and CSI Properties, sold four units via tender on Saturday (February 28), with a total transaction value of approximately HK$73.06 million. The four sold units all belong to the "PRIME COLLECTION" series, with usable areas ranging from 380 to 635 square feet, offering layouts from one-bedroom to two-bedroom ensuite. The transaction prices ranged from HK$13.68 million to HK$21.46 million, with unit prices between HK$33,800 and HK$39,000 per square foot.
The developer also announced the launch of three additional units for tender, scheduled for Thursday (March 5), from 9:00 a.m. to 12:00 p.m. These units include 18/F Unit C, with a usable area of 1,017 square feet featuring a three-bedroom ensuite layout; 11/F Unit A, with a usable area of 635 square feet featuring a two-bedroom ensuite layout; and 10/F Unit F, with a usable area of 380 square feet featuring a one-bedroom layout.
Since the project’s launch in late January, Central Residence by the park has sold 49 out of its 99 units, accounting for 50% of total inventory, with cumulative sales exceeding HK$1.5 billion.
Secondary Market Picks Up, Despite a Major Loss in One Transaction
The first weekend following the Budget Announcement (February 28 to March 1) saw a significant rebound in secondary market transactions. All four major property agencies reported increases in deals across Hong Kong’s top ten blue-chip housing estates. Centaline, Midland, and Ricacorp each recorded 16 transactions, representing increases of 100%, 129%, and 129% week-on-week, respectively. Hong Kong Property Services recorded eight transactions, a 300% increase compared to the previous week.
Midland Realty senior director Sammy Po Siu-Ming highlighted that the Budget Announcement helped reduce market uncertainties, boosting buyer confidence. He noted that with new projects being launched, buyer interest and transaction volumes across various housing estates have started to recover.
Centaline’s Asia-Pacific vice chairman and residential division president, Louis Chan Wing-kit, pointed out that viewing and transaction activities have gradually returned to normal following the Lunar New Year holiday. He observed that market conditions from Q4 last year have carried over, with buyer sentiment remaining stable, and he expects transaction volumes to remain steady.
Southern District’s Marina South Unit Sells at HK$14.86M Loss–Enough to Buy a Two-Bedroom in Residence Bel-Air
Despite the uptick in activity, the market still saw cases of significant losses from earlier purchases. A four-bedroom Marina South unit in Ap Lei Chau was recently sold, with the original owner incurring a paper loss of approximately HK$14.86 million—enough to purchase a two-bedroom unit in Residence Bel-Air.
According to market sources, the unit sold was a high-floor Unit B on Tower 1, with a usable area of 1,787 square feet and a four-bedroom layout. Initially listed at HK$50 million, it was sold for HK$45 million, translating to HK$26,000 per square foot. The original owner had purchased the unit in 2017 for HK$59.86 million, at a price of HK$33,500 per square foot. After holding the property for approximately 9 years, the owner incurred a paper loss of HK$14.86 million, representing a 25% depreciation during the holding period.
