Over the weekend (March 14–15), the primary property market recorded approximately 397 transactions, a significant rebound from the 77 deals reported the previous weekend – more than a fourfold increase. The spotlight was on new developments, including Zendo House, Cloudview, Phase 1 of Highwood, and KT Marina. Meanwhile, the secondary market also saw increased activity, with transaction volumes at the top 10 housing estates rising across the board, reaching 5 to 12 deals, up by as much as 100% week-on-week.
Zendo House Sells 161 Units, Generating Over HK$1.1 Billion
Zendo House, a new project by Chinachem Group in Tsim Sha Tsui, launched 164 units for sale over the weekend (March 14–15) through price lists and tenders. Sales records show that 161 units were sold, generating a total of approximately HK$1.107 billion, accounting for about 40% of all primary residential transactions in Hong Kong during the same period.
All 160 units launched via price lists were sold out, with 109 units snapped up during the bulk-buying time slot, representing 68% of the batch. According to market sources, 11 groups of buyers purchased 7 or more units each, with many being investors. One major buyer reportedly spent over HK$73 million to acquire 12 units. Meanwhile, four special units were offered via tender on Sunday (March 15), with only one unit sold.
The units sold in this phase consisted of one- and two-bedroom apartments, with usable areas ranging from 274 to 468 square feet. Transaction prices ranged from HK$5.269 million to HK$11.754 million, with usable prices per square foot between HK$18,323 and HK$31,250.
The highest transaction price was for a two-bedroom unit on the 16th floor (Unit E), with a usable area of 468 square feet, sold for HK$11.754 million, or HK$25,115 per square foot. The unit with the highest price per square foot was a one-bedroom unit on the 17th floor (Unit M), with a usable area of 304 square feet, sold for HK$9.5 million, or HK$31,250 per square foot.
Cloudview’s First Phase Sells 149 Units, Generating HK$663 Million
Cloudview, a new development by Wing Tai Properties located at 663 Fan Kam Road in Sheung Shui, launched its first phase of 200 units on Saturday (March 14). Land Registry records show 149 units were sold, representing approximately 74.5% of the batch, with a total revenue of HK$663 million.
The developer noted that the largest buyer, from Hong Kong Island South, spent over HK$28 million to purchase six units, consisting of one- and two-bedroom apartments. Over 70% of the buyers were from the New Territories, including Sheung Shui, Fanling, and Tai Po, attracted by the project’s proximity to the East Rail Line and Fanling Golf Course.
The units sold mainly consisted of one-bedroom apartments, alongside studio and two-bedroom units, with usable areas ranging from 286 to 445 square feet. Prices ranged from HK$3.683 million to HK$7.758 million, translating to usable prices per square foot of HK$12,687 to HK$17,434.
The two most expensive units were both two-bedroom apartments with usable areas of 445 square feet, located on the 17th floor (Unit B7) and 16th floor (Unit B7), sold for HK$7.758 million and HK$7.704 million, respectively. Their usable prices per square foot were HK$17,434 and HK$17,312. The 17th-floor unit also set the highest usable price per square foot for the project.
Following the first-round sale of 200 units on Saturday (March 14), the developer quickly released a second price list on Sunday (March 15) featuring 77 additional units, with an average discounted price per square foot of HK$14,621.
Highwood Phase 1 Sells 33 Units, Generating Nearly HK$200 Million as Bulk Buyers Spend Over $35.8 Million
Henderson Land’s new project, Highwood Phase 1, located on To Kwa Wan Road in Ma Tau Kok, recorded 33 transactions over the weekend (March 14–15), according to sales records. The total sales amounted to approximately HK$192 million, with most of the sold units being one-bedroom apartments priced between HK$4.867 million and HK$7.272 million.
The highest-priced unit was a 349-square-foot one-bedroom apartment on the 22nd floor of Tower 1 (Unit B), sold for HK$7.272 million, with a price per square foot of HK$20,837.
Two major bulk-buyers accounted for the purchase of seven units. The largest buyer spent HK$35.88 million to acquire five two-bedroom units on the 27th to 31st floors of Tower 1 (Units C), each with a usable area of 349 square feet. These units were priced between HK$7.086 million and HK$7.251 million, with prices per square foot ranging from HK$20,305 to HK$20,776.
KT Marina Sells 11 Units, Generating Close to HK$80 Million
KT Marina, jointly developed by K. Wah International, Wheelock Properties, and China Overseas, recorded 11 transactions over the weekend (March 14–15). According to sales records, the total sales amounted to HK$57.562 million, involving eight one-bedroom units and three two-bedroom units with usable areas ranging from 288 to 430 square feet. Prices ranged from HK$6.308 million to HK$9.248 million, with prices per square foot between HK$20,813 and HK$22,534.
The highest-priced unit was a 430-square-foot two-bedroom apartment on the 25th floor of Block 2C (Unit L), sold for HK$9.248 million, with a price per square foot of $21,507.
The project also attracted bulk buyers. A local investor spent HK$20.68 million to purchase three one-bedroom units, intending to rent them out. Among these, a 307-square-foot unit on the 23rd floor of Block 2C (Unit D) sold for HK$6.908 million, achieving the highest price per square foot in the project at HK$22,534. Another buyer from the mainland spent HK$15.52 million to acquire two units, including a 437-square-foot two-bedroom apartment on the 22nd floor of Block 2A (Unit E), sold for HK$9.218 million at HK$21,094 per square foot.
Secondary Market Transactions Double as Luxury Villas See Activity
Over the weekend (March 14–15), the secondary market saw a surge in activity, with the top ten blue-chip housing estates monitored by four major real estate agencies recording increased transactions. Midland, Centaline, and Hong Kong Property recorded 12, 11, and 5 transactions respectively, marking week-on-week increases of 60% to 100%, while Ricacorp recorded 9 transactions, remaining steady compared to the previous week.
The strong sales in new projects boosted overall market sentiment. Midland Realty’s Senior Director, Sammy Po Siu-ming, noted that the successful launches of new developments in Kowloon and the New Territories, alongside leftover inventory, fueled the most active weekend for primary sales since Lunar New Year. He believes the strong performance of new projects has further stimulated buyer interest, with both end-users and investors actively seeking bargains in the secondary market. Despite the influx of new projects expected to dominate the market in the short term, Po expects the secondary market to continue rising in both prices and transaction volumes due to strong demand.
Ricacorp’s chief executive, Willy Liu Wai-keung, also commented that the public has largely digested geopolitical concerns such as the Middle East tensions and expects no significant impact on Hong Kong’s property market. He further suggested that these events might even attract capital inflows into Hong Kong, leading to a sustained upward trend in property prices.
The luxury property market also saw activity. A waterfront villa in Phase 1 of Marina Cove’s first phase in Sai Kung, with a usable area of 1,048 square feet, featuring three bedrooms, three living rooms, and a helper’s room, was sold for HK$23.9 million after a price reduction of HK$2.9 million or 10%. The final price translates to HK$22,805 per square foot.
The original owner purchased the villa in April 2015 for HK$24.38 million and sold it this month, incurring a modest loss of HK$480,000 after holding it for 11 years. The property value has effectively returned to its level from 11 years ago, reflecting a slight 2% depreciation.
