Following the announcement of the Budget, the second weekend (March 7–8) saw a slowdown in both primary and secondary property markets, as attention shifted to several upcoming new launches. Over the weekend, the primary market recorded around 77 transactions, a 20% drop from last weekend’s 97 transactions, with most sales coming from Chill Residence, The Headland Residences, and Kennedy Bay.
In the secondary market, weekend transaction volumes across the top 10 housing estates tracked by the four major real estate agencies were also down, with only 3 to 9 transactions recorded, representing a week-on-week drop of 43.75% to 62.5%.
Despite the overall market slowdown, sporadic profitable transactions were still recorded. For example, at Grand Montara in Lohas Park, Tseung Kwan O, a homeowner who bought a unit at the market peak in 2019 managed to sell it recently with a paper profit of HK$470,000, equivalent to a nearly 5% gain, even in a sluggish market.
Last week, new developments such as Grand Austin Bohemian and Cloudville launched additional units, capturing market attention. This Wednesday (March 11), Grand Austin Bohemian will release all 64 units through price lists, while Deep Water South Phase 6B will launch its first batch of 50 units via tender on the same day.
Chill Residence Sells 9 Units Over the Weekend, Totalling HK$75 Million
Chill Residence, a project developed by Poly Property and L’Avenue, sold 9 units over the weekend (March 7–8) through both price lists and tenders. According to sales records, the total transaction value reached HK$75.49 million.
The sold units include 1-bedroom and 2-bedroom layouts with usable areas ranging from 312 to 589 square feet. Transaction prices ranged from HK$5.59 million to HK$10.27 million, with usable square foot prices between HK$16,473 and HK$18,300.
The highest transaction price was for Unit C on the 36th floor of Block 2, a 2-bedroom unit with a usable area of 578 square feet, which sold for HK$10.27 million, equating to HK$17,765 per square foot. The second-highest transaction was for Unit G on the 30th floor of Block 2, with a usable area of 589 square feet, selling for HK$10.08 million at HK$17,121 per square foot.
The Headland Residences in Chai Wan Sells 7 Units, Totaling Over HK$63 Million
The Headland Residences, a project jointly developed by Swire Properties and China Motor Bus, sold 7 units over the weekend (March 7–8), with total transaction values reaching approximately HK$63.09 million.
The sold units, all located in Blocks 2 and 3, are 2-bedroom layouts with usable areas ranging from 512 to 573 square feet. Transaction prices ranged from HK$7.88 million to HK$10.22 million, with square foot prices between HK$15,398 and HK$18,274.
The highest transaction price was for Unit H on the 17th floor of Block 2, with a usable area of 573 square feet, which sold for HK$10.22 million, equating to HK$17,836 per square foot. The unit with the highest square foot price was Unit G on the 27th floor of Block 3, with a usable area of 554 square feet, selling for HK$10.12 million at HK$18,274 per square foot.
Kennedy Bay in Kennedy Town Sells All 6 Units via Tender Over the Weekend, Generating Over HK$57.5 Million
Kennedy Bay, a development in Kennedy Town by Easyknit International, sold all 6 units offered via tender over the weekend (March 7–8). According to the Land Registry, the total transaction value amounted to approximately HK$57.56 million.
The sold units include 1-bedroom and 2-bedroom layouts with usable areas ranging from 284 to 412 square feet. Transaction prices ranged from HK$8.34 million to HK$12.53 million, with usable square foot prices between HK$28,951 and HK$31,477.
The most expensive unit sold was Unit E on the 17th floor, a 2-bedroom unit with a usable area of 412 square feet, which fetched HK$12.53 million, equating to HK$30,408 per square foot. The unit with the highest price per square foot was Unit D on the 17th floor, a one-bedroom unit with a usable area of 325 square feet, which sold for HK$10.23 million, equating to HK$31,477 per square foot.
Secondary Market Transactions Fall Over the Weekend | Grand Montara 2019 Purchase Still Turns a Profit
Over the weekend (March 7–8), transaction volumes in the secondary market across the top 10 blue-chip housing estates tracked by Hong Kong’s four major real estate agencies fell across the board. Centaline, Midland, and Hong Kong Property each recorded 6 transactions, representing a 62.5% decline compared to the previous weekend, while Ricacorp recorded 9 transactions, a 43.75% drop week-on-week.
Louis Chan, vice chairman and residential division president of Centaline Asia-Pacific, noted that many developers have been actively launching new projects after the Lunar New Year, drawing buyers to visit show flats in the primary market and pulling demand away from the secondary market, which has put short-term pressure on transactions.
Ricacorp Properties CEO Willy Liu explained that the surge in secondary transactions over the previous weekend (February 28–March 1) was driven by pent-up demand during the Lunar New Year period, which reached a 4-week high. However, with this demand now mostly absorbed, the decline in transaction volumes this weekend is a normal adjustment.
Despite the slowdown in the secondary market, some owners who purchased at high market points in previous years have still managed to sell at a profit. For example, a 3-bedroom unit with an en-suite at Grand Montara (Tower 1B, mid-floor, Unit E) in Lohas Park, Tseung Kwan O, recently sold for HK$10.71 million. The unit has a usable area of 715 square feet and offers garden views.
The new buyer, who is upgrading their home, was drawn to Lohas Park's comprehensive amenities and its convenient location atop an MTR station. Even without an in-person viewing, they decided to purchase the unit. The original asking price was HK$11 million, but after negotiations, the deal was closed at HK$10.71 million, equating to HK$14,979 per square foot.
Records show that the original owner purchased the property in 2019 for HK$10.24 million. After holding the property for approximately 7 years, the sale resulted in a paper profit of HK$472,000 and an appreciation of 4.6% over the holding period.
