Weekend New Home Sales Plunge 52%, All Ten Major Estates Hit Hard
This past weekend (Nov 22-23), the property market lacked new major launches, relying primarily on leftover stock to sustain sales. According to market data, only around 100 first-hand transactions were recorded over the weekend, a sharp 52% drop compared to 212 transactions the previous weekend (Nov 15-16).
In the second-hand market, competition from attractively priced new developments and uncertainty over interest rates caused transaction volumes across the ten major housing estates to decline. All four major property agencies reported week-on-week drops in sales, reflecting a cautious market mood and limited buyer confidence.
Industry experts explained that developers continue to launch new projects at lower prices, putting pressure on second-hand property values. With the US Federal Reserve’s December interest rate decision still unclear, market sentiment remains cautious. It is expected that property transaction activity will remain subdued until mid-December when the rate decision is announced.
Transactions at Kai Tak and Kowloon Bay: Upgraders Entering the Market
Despite the overall market slowdown, quality urban developments continued to attract buyers. KT Marina, a completed project at Kai Tak jointly developed by K Wah International, Wheelock Properties, and China Overseas, recorded four transactions over the weekend, generating HK$33 million in revenue. Among them, a 534 sq ft two-bedroom unit with a storage room on the 30th floor of Block 2A sold for HK$11.875 million, with a price of HK$22,238 per sq ft.
At The Aperture in Kowloon Bay, sales were also active, with four two-bedroom units featuring open kitchens sold over the weekend. Notably, one buyer from the same district purchased a high-floor 455 sq. ft. unit for HK$9.18 million (HK$20,176 per sq ft) and expressed interest in buying another adjacent three-bedroom unit on the same floor for their family.
Three additional units sold at The Aperture were on the 22nd, 23rd, and 27th floors, ranging from 440 sq ft each and priced between HK$7.61 million and HK$7.74 million (HK$17,302 to HK$17,580 per sq ft). The project has sold 22 units in November, generating close to HK$200 million in revenue.
Record-Breaking Sales in the New Territories
In Fanling North, a penthouse unit at Nexus Grand set a new price record for the development. The 384 sq ft unit on the 19th floor featured a 63 sq ft balcony and a 270 sq ft rooftop, selling for HK$6.149 million, or HK$16,013 per sq ft. The buyer, a local resident, was drawn to the rare penthouse design, which boasts an impressive 4-meter ceiling height.
Meanwhile, Phase 4 of the large-scale redevelopment project The Haddon in Hung Hom sold 19 units over the weekend, generating HK$99 million. Among them, a 262 sq. ft. one-bedroom unit on the 27th floor sold for HK$5.198 million, with a price of HK$19,840 per sq ft.
Other Notable Transactions
Grand Mayfair III (Yuen Long): A 358 sq ft one-bedroom unit in Tower 3 on the 10th floor sold for HK$5.171 million (HK$14,444 per sq ft).
The Headland Residences (Chai Wan): A 573 sq ft two-bedroom unit with an open kitchen on the 38th floor of Tower 2 sold for HK$11.587 million (HK$20,222 per sq. ft.). The project has sold 100 units to date, generating HK$860 million.
Seasons Series (Lohas Park): Three units sold in a single day, generating HK$22.78 million. Among them, a 716 sq ft three-bedroom unit with a maid’s room in Grand Seasons (Block 1B on the 65th floor) sold for HK$12.359 million (HK$17,261 per sq ft). The series has sold 1,614 units in total, generating over HK$10.07 billion.
Koko Rosso (Lam Tin): A 433 sq ft two-bedroom unit in Tower 6 on the 22nd floor sold for HK$8.6 million (HK$19,861 per sq ft).
Slow Sales at Phase 3 of Le Mont, Tai Po
Phase 3 of Le Mont in Tai Po, added 77 units to its price list on Nov 19, with an average discounted price of HK$12,441 per sq. ft. The developer also launched 160 units for sale on a first-come, first-served basis on Nov 23, but only three transactions were recorded over the weekend.
The sales included a 263 sq ft unit on the 1st floor of Tower 5 (Unit D7), which sold for HK$3.999 million, equating to HK$15,205 per sq ft. Additionally, a 447 sq ft unit on the 2nd floor (Unit A1) was sold for HK$4.84 million, at a rate of HK$10,827 per sq ft. Meanwhile, a 308 sq ft unit on the 15th floor (Unit D2) fetched HK$4.035 million, with a price of HK$13,100 per sq ft.
Analysts say the slow sales were due to scattered market attention and buyers adopting a wait-and-see approach, leading to lukewarm demand. The pace of sales is expected to remain slow.
Decline in Transactions Across Ten Major Estates
Second-hand property sales also saw a slowdown, with all ten major housing estates reporting lower transaction volumes over the weekend. Centaline recorded seven deals (down nine from the previous week), Midland recorded ten (down seven), and Ricacorp reported just six transactions—a new low since late July, marking an 18-week slump.
Willy Liu, CEO of Ricacorp Properties, noted that the second-hand market remains volatile, with buyers slowing their pace due to stock market fluctuations and a reduced likelihood of US interest rate cuts in December. He added that earlier bargains in the second-hand market have already been snapped up, and landlords are now raising prices or holding back sales. This, combined with competition from competitively priced new developments, has put pressure on the second-hand market.
Long-Term Owners Cash In
Despite the quieter market, some long-term owners still took the opportunity to sell for profit.
In City One Shatin, a mid-floor 284 sq ft two-bedroom unit in Block 46 sold for HK$4.08 million (HK$14,366 per sq ft). The original owner purchased the unit in 1996 for HK$1.57 million, holding it for 29 years and earning a HK$2.51 million profit, equivalent to a 160% appreciation.
Meanwhile, in Kingswood Villas (Tin Shui Wai), high-floor 544 sq. ft. three-bedroom unit in Block 4 of Maywood Court sold for HK$5.08 million (HK$9,338 per sq ft), after a HK$220,000 price cut. The seller originally purchased the unit in 2016 for HK$4.388 million, earning a HK$692,000 profit, or a 15.8% appreciation over nine years.
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