2025-02-21 28Hse Editor
The top 10 estates recorded 15 transactions this past weekend, a significant increase of 87.5% compared to the eight transactions from the previous weekend. This marks the highest transaction volume in nearly six months, dating back to late March, with only two estates reporting no sales.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline, noted that the market is broadly expecting the US Federal Reserve to announce a rate cut at next week’s meeting. With the improving market sentiment, the real estate market is also seeing positive momentum. Many buyers are stepping in early to grab deals ahead of the expected interest rate cut, leading to a noticeable rebound in both viewings and transactions. Chan believes that the property market will continue to warm up after the rate cut.
On Hong Kong Island, transaction activity in Taikoo Shing picked up over the weekend, with three deals recorded. Among them was a low-floor unit, Flat F, Wah Shan Mansion, with a saleable area of 685 square feet and a three-bedroom layout. Initially listed for HK$7.7 million in July, the price was reduced by HK$510,000 (around 7%), and it was sold for HK$7.19 million, or HK$10,496 per square foot. The original owner purchased the unit in 2003 for HK$1.75 million, realising a gross profit of HK$5.44 million, with the unit appreciating 3.1 times over 21 years.
Another transaction involved Flat G, a mid-low floor unit in Taikoo Shing’s Pak Hoi Mansion, with a saleable area of 572 square feet, a two-bedroom layout, and a north-facing street view. Initially listed at HK$9 million in July, it sold for HK$7.79 million after a HK$1.21 million (13%) price cut. The price per square foot was HK$13,619. The original owner purchased the unit in January 2013 for HK$8.7 million, resulting in a paper loss of HK$910,000, with the unit depreciating by 10.5% over 11 years.
In South Horizons, three transactions were recorded over the weekend, including a low-price three-bedroom unit in Block 12, Flat E, with a saleable area of 633 square feet. It sold for HK$6.7 million, or HK$10,585 per square foot. Another deal involved a mid-floor four-bedroom unit in Block 9, Flat H, with a saleable area of 739 square feet. Initially listed for HK$11 million, the price was reduced by HK$790,000, and it sold for HK$10.21 million, or HK$13,815 per square foot.
In Kowloon, The Metro City saw two transactions over the weekend, improving from zero the previous weekend. One of the deals was for Flat D, a mid-floor unit in Block 10 of Phase 2, with a saleable area of 441 square feet and a two-bedroom layout. It sold for HK$5.38 million, or HK$12,200 per square foot. The original owner purchased the unit in January 2010 for HK$2.4 million, realising a profit of HK$2.98 million, as the unit appreciated by 1.2 times.
In the New Territories, Kingswood Villas saw positive viewing activity recently, but buyer sentiment remains cautious. The estate recorded one transaction this weekend, down by one from the previous weekend. The latest deal involved Flat E, a high-floor unit in Block 6 of Lynwood Court, with a saleable area of 446 square feet and a two-bedroom layout. It was originally listed for HK$4.3 million but sold for HK$3.85 million after a HK$450,000 (10.5%) price cut, with a price per square foot of HK$8,632. The original owner purchased the unit in February 1999 for HK$1.638 million, realising a profit of HK$2.212 million, as the unit appreciated by 1.4 times over 25 years.
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