The final weekend of the Year of the Snake saw no major new property launches, leading to a slowdown in the property market. Over the weekend (Feb 14–15), only around 34 first-hand transactions were recorded, a sharp decline of nearly 90% compared to approximately 287 transactions the previous weekend. Market attention was focused on the luxury residential project Central Residence by the park in Central, while the second-hand market remained weak, with transaction volumes across the top 10 estates tracked by major agencies dropping to single digits. The number of deals ranged from 4 to 8 per estate, with declines of 10% to 50%.
Central Residence by the park Sells 8 Units in 2 Days, $200M in Revenue
The luxury development Central Residence by the park, co-developed by Pacific Century Premium Developments and CSI Investment, sold 8 units over the weekend (Feb 14–15), generating nearly HK$200 million in revenue. Among the transactions, a single bulk investor spent over HK$100 million to acquire all 6 units on the 8th floor, with prices ranging from HK$33,600 to HK$35,399 per square foot.
Two other notable deals included Unit C on the 16th floor and Unit B on the 17th floor. Both are three-bedroom units, with usable areas of 1,017 and 1,074 square feet, respectively. The transactions were completed at HK$42.61 million and HK$51.34 million, equating to HK$47,800 and HK$41,900 per square foot.
Riding on the strong sales momentum, the developer immediately released two additional three-bedroom units for sale, with sales arrangements uploaded for tender on Lunar New Year’s Day (Feb 17) and the fourth day of the New Year (Feb 20). To date, the project has sold a total of 22 units, generating over HK$910 million in revenue.
Victoria Voyage Phase 1B Sells 3 Units, Generating $52M
The waterfront development, Victoria Voyage Phase 1B, jointly developed by China Overseas and others in Kai Tak, sold three units over the weekend of February 14–15, generating approximately HK$51.96 million in revenue.
Among the transactions, Unit C on the 23rd floor of Tower 2B, a three-bedroom apartment with a usable area of 569 square feet, was sold for HK$18.68 million, translating to HK$32,821 per square foot. Additionally, two units of Unit J in Tower 2B, both two-bedroom apartments with storage rooms and a usable area of 549 square feet, were sold. The 11th-floor Unit J was sold for HK$16.35 million at HK$29,783 per square foot, while the 19th-floor Unit J reached HK$16.94 million at HK$30,848 per square foot.
Since its launch, the project has sold a total of 205 units, generating over HK$3.6 billion in total revenue. The average price per unit exceeds HK$17.5 million, with an average price per square foot of approximately HK$30,000.
The Headland Residences Records Over $28.12M in One Day
The Headland Residences in Chai Wan, co-developed by Swire Properties and China Motor Bus, recorded three transactions on Sunday (15th), generating over HK$28.12 million in revenue in a single day.
All three transactions involved Unit G in Tower 3, located on the 9th, 10th, and 12th floors. Each unit has a usable area of 554 square feet and features a two-bedroom layout with a fully enclosed kitchen. The transaction prices ranged from HK$9.237 million to HK$9.489 million, with an average price per square foot between HK$16,673 and HK$17,128. The highest price was for Unit G on the 12th floor, which sold for HK$9.489 million.
Since the project launched in September last year, a total of 128 units has been sold, generating over HK$1.1 billion in revenue.
The show flats are located on the 8th and 9th floors of Cambridge House at Taikoo Place and will remain open during the Lunar New Year holiday (from Lunar New Year’s Eve to the third day of the New Year) from 12PM to 7PM.
Sierra Sea Phase 2B Re-Sale Unit Attracts 200 Buyers, Final Price Rises to $5.51M
Notably, the Sierra Sea series in Sai Sha by Sun Hung Kai Properties has been a top-selling project, with over 3,000 units sold since its launch in April last year. Over the weekend, a forfeited unit from Phase 2B was re-launched for sale on Saturday (14th) morning through a lottery system. The re-sale attracted more than 200 potential buyers, creating a lively and competitive scene.
The unit in question was Unit J on the 12th floor of Tower 3, with a usable area of 433 square feet. It was originally sold at the beginning of the month for HK$5.25 million, equivalent to a price per square foot of HK$12,125. After being repossessed by the developer, the price was increased by approximately 5% to HK$5.3244 million, or HK$12,297 per square foot. Ultimately, the unit was sold for HK$5.5123 million, with the price per square foot reaching HK$12,730, reflecting strong demand.
Second-Hand Market Weakens Further as Lunar New Year Approaches
In contrast, the second-hand property market continues to struggle, with both transaction volumes and prices declining. As the Lunar New Year draws closer, many buyers appear to be stepping back from the market. Over the weekend, transaction volumes across the top 10 estates tracked by the four major real estate agencies dropped across the board.
Centaline Properties recorded only five transactions, a sharp drop from eight transactions the previous weekend, representing a weekly decline of 37.5%. This marks the second consecutive week of declines and a 26-week low. Half of the estates tracked reported zero transactions.
One notable case involved a loss-making deal at Residence 88 in Yuen Long, where a two-bedroom unit devalued by nearly HK$1 million after being held for seven years. The unit was Unit A on the upper floor of Tower 1, with a usable area of 505 square feet. Initially listed at HK$6.1 million, the unit was ultimately sold for HK$5.96 million after a price reduction of HK$140,000. This translates to a price per square foot of HK$11,802.
The new buyer, reportedly a first-time homeowner, was attracted by the estate’s convenient transportation, well-maintained interior, and reasonable price, leading to a quick purchase for self-use. The original owner purchased the unit in July 2019 for HK$6.95 million. After holding the property for approximately seven years, they suffered a paper loss of HK$990,000, with the property’s value depreciating by about 14% during the period.
