As the Year of the Horse begins, property transactions remained relatively subdued due to the festive Lunar New Year atmosphere. However, during the first weekend (January 21-22), approximately 43 new home transactions were recorded across Hong Kong, marking a 26% increase compared to the previous weekend (January 14-15), which recorded around 34 deals. The primary market was led by strong sales at Central's Central Residence by the park and new projects in Kai Tak, generating impressive single-day cash turnovers. In contrast, the secondary market saw mixed results. Analysts suggest that the market is awaiting guidance from the upcoming Budget announcement, with expectations for a gradual recovery in sentiment.
Central Residence by the park Sells 5 More Units, Cashing in Nearly HK$92 Million
Central Residence by the park, a project jointly developed by Pacific Century and CSI Investment in Central, continued its successful sales streak. Following a strong performance on the first day of the Lunar New Year (January 17), the project reported another major sales achievement on January 21, the fifth day of the Lunar New Year. Five units were sold via tender that day, generating nearly HK$92 million in total.
The sold units included Flat A on the 6th floor and Flats B to E on the 7th floor, with layouts ranging from one to two bedrooms and usable areas of 380 to 635 square feet. The transaction prices ranged from HK$12.92 million to HK$21.526 million, translating to per-square-foot prices of HK$33,700 to HK$35,500.
The most expensive unit sold was Flat A on the 6th floor, featuring a two-bedroom layout with a usable area of 635 square feet, which fetched HK$21.526 million at a per-square-foot price of HK$33,900.
Previously, on January 17, Central Residence by the park set a record by selling 10 units in a single day. The project has maintained strong sales momentum, with 39 units sold so far, generating a total revenue exceeding HK$1.35 billion.
Victoria Voyage Phase 1B Sells 3 Units, Generating Nearly HK$50 Million
China Overseas' Kai Tak project, Victoria Voyage Phase 1B, which is now completed, also saw steady sales over the past weekend (January 21-22), with three units sold, generating approximately HK$49.765 million.
All three units were located in Block 2B, Flat J, across the 8th, 12th, and 18th floors. Each unit had a usable area of 549 square feet, featuring a two-bedroom layout with an additional storage room. The transaction prices ranged from HK$16.107 million to HK$16.851 million, with per-square-foot prices between HK$29,339 and HK$30,694, averaging HK$30,216 per square foot.
According to agents, buyers were particularly drawn to the Kai Tak Runway District’s residential environment. They appreciated the waterfront location, the well-equipped landmark clubhouse, and the unobstructed views of Victoria Harbour. Many buyers made quick decisions to purchase after touring the completed units.
The Pavilia Forest Sells 4 Units Over the Weekend, Generating Over HK$31 Million
New World Development and Far East Consortium’s The Pavilia Forest in the same district reported brisk sales over the past weekend (January 21-22), with 4 units sold, generating a total of approximately HK$31.327 million.
All transactions were from Block 2, involving Flats K on the 3rd floor, J on the 12th floor, C on the 18th floor, and D on the 19th floor. The units range from one- to two-bedroom layouts, with usable areas between 287 and 395 square feet. Prices for the four transactions ranged from HK$6.109 million to HK$8.756 million, with per-square-foot prices between HK$20,000 and HK$22,825. Among these, Flat C on the 18th floor recorded the highest price at HK$8.756 million.
Mixed Performance in Secondary Market, Analysts Say Buying Power is Returning
In the secondary market, the four major property agencies reported mixed results during the first weekend of the Year of the Horse (January 21-22). Centaline and Midland Realty recorded 8 and 7 transactions, respectively, with week-on-week increases of 33.33% and 40%. On the other hand, Ricacorp and Hong Kong Property recorded 7 and 2 transactions, reflecting week-on-week declines of 12.5% and 50%.
Louis Chan Wing-kit, Asia Pacific vice chairman and chief executive of Centaline’s residential division, noted that it’s typically quiet during the first weekend after the Lunar New Year holiday. However, this year has been quite different. While only single-digit transactions were recorded across the top 10 blue-chip housing estates, the market was far from sluggish, indicating that purchasing power is reactivating. He expects the property market to recover quickly, continuing the earlier momentum of the "mini spring market."
According to Hong Kong Property, many buyers are adopting a wait-and-see approach, anticipating potential property market stimulus measures in the Budget to be announced on Wednesday (January 25). However, the developer also predicts that as the festive atmosphere fades and multiple new projects are launched, the market sentiment will gradually improve.
First Villa Transaction of the Year at Marina Cove, Sai Kung: 60% Value Appreciation Over 18 Years
In Sai Kung, the landmark villa development Marina Cove recorded its first transaction of the year. According to Century 21 Sai Kung division, the sold property is an even-numbered house in Phase 5, Block A. The villa has a usable area of 1,406 square feet with a three-bedroom, two en-suite layout, plus a maid’s room, and offers tranquil views of the inner lake.
The villa was sold for HK$19 million, translating to a per-square-foot price of HK$13,514, which is in line with market levels.
The original owner purchased the property in March 2008 for HK$12 million and held it for 18 years before selling. The transaction yielded a paper profit of HK$7 million, reflecting an approximate 58% increase in value over the period.
