Over the past weekend (March 28-29), primary market transactions saw a steady uptick. According to market data, around 220 new homes were sold during the weekend, a slight 2.8% increase compared to the previous weekend (214 transactions on March 21 to 22). Key contributors included projects like Chester, Deep Water South Phase 6A, Miami Quay Series, and Double Coast Series. Secondary market performance was similarly robust, with all major estate agencies reporting double-digit weekend transaction volumes across their top 10 housing estates. Week-on-week, secondary market sales increased between 25% and 63.6%.
Impressive First Round at Chester: 96% of Units Sold
Henderson Land’s new development, Chester, located on Whampoa Street in Hung Hom, experienced strong demand during its first round of sales on Saturday (March 28). All 123 units offered via price list were sold within four hours of launch. Additionally, of the eight premium units offered via tender, three found buyers. Combined, 126 units were sold on the first day, representing approximately 96% of available inventory and generating over HK$1 billion in revenue.
The project’s opening day attracted various investors purchasing multiple units. During the bulk-buying period, approximately 90 units were snapped up. Notably, one buyer spent over HK$71.4 million to acquire 10 units, including 8 two-bedroom flats and 2 one-bedroom flats. Another mainland buyer purchased 5 units, including 3 two-bedroom units with storage rooms and 2 one-bedroom flats, for around HK$37.2 million.
In response to the strong sales performance, the developer announced on the same evening (March 28) that an additional 38 units would be released for sale on a first-come, first-served basis starting Wednesday, April 1.
Underwhelming Sales for Deep Water South’s Second Round: Only 22% Sold
Meanwhile, Phase 6A of Deep Water South, Mont Blue, a joint project by Wheelock Properties and MTR Corporation, struggled in its second round of sales on Saturday (March 28), offering a total of 99 units. According to transaction records, only 22 units were sold by the end of the day, accounting for just 22% of the available inventory and bringing in approximately HK$300 million in revenue.
During the bulk-buying period, there were two notable group purchases. One buyer acquired 3 units, all two-bedroom flats with open kitchens, for approximately HK$76 million. Another buyer, represented by Midland Realty, purchased 4 units—including 1 two-bedroom and 3 one-bedroom flats—for around HK$40 million.
In addition, Phase 6B of the project recently sold 3 premium units via tender. Notably, a 1,696 square-foot unit on the 37th floor of Tower 1A achieved a record-breaking price of HK$86.86 million, translating to a square footage price of HK$51,217. Both the total transaction value and per-square-foot price set new highs for the project.
Since its launch less than a month ago, Deep Water South has cumulatively sold 103 units, generating nearly HK$1.9 billion in total revenue.
7 Units Sold in Miami Quay Series, Generating Nearly HK$70M in Revenue
The Miami Quay series, a project under the joint development of Wheelock Properties, Henderson Land, New World Development, and Empire Group, located in Kai Tak’s Park Peninsula, recorded seven transactions recently, generating approximately HK$69.1 million in revenue in a single day.
The transactions consisted of units from Miami Quay I and Miami Quay II, all featuring two-bedroom layouts with open kitchens. These units ranged in usable area from 318 to 463 square feet, with transaction prices between HK$7.213 million and HK$10.75 million, translating to a per-square-foot price of HK$20,339 to HK$24,266.
According to data from the Land Registry, the highest-priced transaction over the weekend (March 28-29) was a unit in Miami Quay I—Tower 3, 19th Floor, Unit C. This two-bedroom unit, with a usable size of 443 square feet, sold for HK$10.75 million, equating to a per-square-foot price of HK$24,266, making it the highest per-square-foot transaction for the project during that weekend.
Market sources indicate that some buyers are encouraged by the upcoming improvements in transportation infrastructure in the area. This includes the opening of the Central Kowloon Route and the accelerated progress on the tendering process for the Smart and Green Mass Transit System in Kai Tak. After inspecting the completed units, some buyers decided to invest in properties as a long-term strategy.
Since its launch, the Miami Quay project has sold a total of 208 units, with cumulative revenue reaching close to HK$2.47 billion.
Top 10 Housing Estates Record Surge in Transactions Over the Weekend | Taikoo Shing Unit Sells After 42 Years for 22-Time Gain
Over the weekend (March 28 to 29), the top 10 blue-chip secondary housing estates across the four major real estate agencies saw an overall increase in transaction volume. Centaline Property and Midland Realty both recorded 18 transactions, marking week-on-week increases of 63.63% and 50%, respectively, and hitting an 8-week high. Meanwhile, Ricacorp Properties and Hong Kong Property recorded 12 and 10 transactions, respectively, with week-on-week increases of 33.33% and 25%, both returning to double-digit figures.
Agency analyses attribute this surge to the continued low interbank interest rates, which have reduced buyers' financial burdens. Additionally, developers have been actively launching new projects and clearing unsold inventory, boosting primary market transactions to a record high for the first quarter since the Residential Properties (First-Hand Sales) Ordinance came into effect. The growing activity in the new-home market has also driven potential buyers who missed out on first-hand inventory to return to the secondary market, accelerating overall transaction momentum and creating a synchronised boost in both primary and secondary markets.
In the secondary market, a notable transaction was recorded in Taikoo Shing, Quarry Bay, involving a unit held for over four decades. A high-floor unit (Unit A) in Lotus Mansion, with a usable area of 1,114 square feet, featuring three bedrooms plus a maid’s room, and boasting unobstructed views of Kowloon Bay, changed hands. The original listing price was HK$26 million, but after negotiations, it sold for HK$22.48 million—a reduction of HK$3.52 million—at a per-square-foot price of approximately HK$20,180.
The original owner first purchased the unit for HK$950,000 in July 1983 as a first-hand buyer for self-use. Holding the property for over 42 years, the resale yielded a paper profit of HK$21.53 million, representing a value increase of over 22 times.
