Over the past weekend (January 31 to February 1), the property market saw a significant rebound in activity, with both the primary and secondary markets recording substantial increases in transactions. According to market data, around 432 deals were recorded in the primary market over the two days, a sharp 1.4-time week-on-week jump. This not only brought the number of transactions back to above 400, a key benchmark for market activity, but also marked the highest level in nearly nine months since mid-May of last year.
Meanwhile, the secondary market saw the highest weekend transaction volume in 22 months, reflecting renewed buyer confidence amid clearer interest rate trends and anticipation ahead of the upcoming budget announcement. This early momentum suggests a "mini spring" for the property market is already underway.
Sierra Sea Phase 2B Fully Sold Out, Driving Primary Market Transactions to 9-Month High
Leveraging competitive pricing strategies, Sierra Sea Phase 2B achieved an impressive same-day sellout, acting as a catalyst for the market and propelling total weekend primary market transactions to approximately 432, the highest in nearly nine months. What’s notable about this surge is the widespread demand beyond a single new development. Strong interest from prospective buyers, coupled with increased market confidence, created a clear "spillover effect," with funds flowing into other projects.
Following the strong sales of Sierra Sea Phase 2B, several unsold inventory projects, including One Park Place, Grand Mayfair III, and Uptown East, also benefited from this momentum, recording transactions over the weekend. This indicates that market demand has expanded beyond individual focus projects, collectively supporting overall primary market activity.
The competitive pricing strategies adopted by developers have proven effective in attracting buyers. With the strong sales performance of key projects, it is expected that the primary market will continue to be dominated by new developments in the short term, sustaining transaction volumes.
Sierra Sea Phase 2B: 350 Units Sold Out in One Day, With Bulk Purchases by Investors
Following the success of its Phase 2A, Sun Hung Kai Properties’ large-scale Sierra Sea project in Sai Kung continued its strong momentum with a second round of sales for Phase 2B on February 1, offering 350 units. By 5pm on the same day, all units had been sold out, marking another same-day sellout milestone.
Units sold were priced on the price list with usable floor areas ranging from 416 to 701 square feet. After discounts, unit prices ranged from HK$4.601 million to HK$9.736 million, with discounted prices per square foot ranging from HK$10,168 to HK$14,311, and an average of HK$12,469 per square foot.
Investor interest was particularly strong during the sales event. According to reports, during the A-group bulk purchase session, around 159 units were sold, with investors accounting for approximately 44% of buyers. This highlights the project’s appeal among those seeking rental income. Major agencies also recorded bulk transactions. According to Ricacorp Properties, one investor purchased six units for a total of around HK$33.27 million for long-term rental income.
Midland Realty's residential division chief executive, Sammy Po, also noted that during the A-group session, two buyers each purchased four units. The largest buyer spent approximately HK$26.87 million to acquire one three-bedroom unit and three two-bedroom units for self-use and long-term rental purposes.
One Park Place: 18 Units Sold Over the Weekend, Generating Over HK$100 Million
One Park Place, jointly developed by Sino Land, CSI Properties, and MTR Corporation in Yau Tong, continued to see robust demand. Over the weekend (January 31 to February 1), the project sold 18 units, including one- and two-bedroom apartments, generating a total of nearly HK$102 million in sales. Including the 98 units sold last month, the project has achieved over HK$570 million in revenue within a single month.
According to the sales registry, the weekend's transactions were spread across Towers 1 to 3. The most notable deal was a two-bedroom unit on the 27th floor of Tower 3 (Unit C3), with a usable area of 431 square feet, which sold for HK$7.1827 million at HK$16,665 per square foot. Similarly, an identical unit in Tower 1 on the 26th floor (Unit A2) sold for HK$7.1427 million, or HK$16,572 per square foot. Additionally, a two-bedroom unit on the 6th floor of Tower 3 (Unit C1), with a usable area of 445 square feet, was sold for HK$7.0913 million, or HK$15,935 per square foot.
Strong Sales for Grand Mayfair III: 6 Units Sold Over the Weekend for Over HK$42 Million
The Grand Mayfair III, a development near Kam Sheung Road Station jointly developed by Sino Land, China Overseas, K. Wah International, and MTR Corporation, reported solid sales over the past weekend (January 31 to February 1). A total of 6 units were sold, generating approximately HK$42.2 million in revenue.
The transactions included both one- and two-bedroom units, with the most expensive being Unit A1 on the 9th floor of Tower 2, a two-bedroom unit with a usable area of 519 square feet. It sold for HK$8.0917 million, translating to a price per square foot of approximately HK$15,591.
Two other notable transactions were also recorded in the same tower: Unit A6 on the 17th floor and Unit A6 on the 2nd floor, both with a usable area of 467 square feet. These units sold for HK$7.9911 million (HK$17,112 per square foot) and HK$7.8251 million (HK$16,756 per square foot), respectively.
In January alone, the Grand Mayfair series accumulated sales of 100 units, generating over HK$740 million in total revenue.
Secondary Market Sees 22-Month High in Transactions as “Mini Spring” Emerges Early
According to the latest data from Hong Kong’s four major property agencies, the past weekend (January 31 to February 1) saw a surge in transaction volumes across the city’s ten major housing estates, with the secondary market showing significantly increased activity. Midland Realty, Centaline Property, and Ricacorp recorded 20, 19, and 18 transactions, respectively, marking a weekly increase of 35% to over 60%, all reaching a 22-month high. Hong Kong Property remained steady with 12 transactions.
The industry generally attributes this boost to the strong sales in the primary market, particularly the success of Sierra Sea in Sai Kung, which has revitalised overall market sentiment. This has encouraged both end-users and investors to re-enter the market, prompting the early arrival of a “mini spring.”
According to Midland Realty and Hong Kong Property, while the US Federal Reserve has kept interest rates unchanged, the market still expects room for rate cuts within the year. Combined with Hong Kong’s relatively low mortgage rates, this has eased the financial burden on homebuyers and boosted confidence in entering the market.
They also noted that buyers are optimistic about the upcoming Financial Budget announcement at the end of February, which is expected to introduce measures favorable to the property market. With Lunar New Year approaching, many buyers are rushing to close deals before the holiday. Supported by sustained demand and multiple positive factors, secondary property prices are expected to continue their upward trend.
As the market heats up, notable profit-making transactions were recorded in several blue-chip housing estates. For instance, a mid-low-floor, southeast-facing three-bedroom unit in Taikoo Shing’s Kao Shan Terrace with a usable area of 670 square feet was sold for HK$9.5 million after negotiation (original asking price: HK$9.8 million). The deal translates to a price of approximately HK$14,179 per square foot.
The original owner purchased the property in 1976 for just HK$180,000 and held it for 50 years. The transaction yielded a paper profit of approximately HK$9.32 million, representing a staggering 52-fold increase in value.
Another profitable transaction was recorded in Metro City Phase 2 in Tseung Kwan O, where a mid-floor three-bedroom unit in Tower 3 (Unit H) with a usable area of 538 square feet sold for HK$7.638 million. The unit achieved an average price of HK$14,197 per square foot.
The original owner bought the unit in 2011 for HK$4.27 million and held it for 15 years, earning a paper profit of approximately HK$3.368 million, equivalent to an 80% increase in value over the period.
