2025-04-02 28Hse Editor
Yesterday, the Land Registry disclosed that home transactions experienced a yearly slump of 32.6 percent in October.
The news coincides with an increase in the release of new flats by developers, taking advantage of the pause in interest rate hikes.
Based on data from the Land Registry, there were 2,123 residential property registrations in October, reflecting a monthly decrease of 25.8 percent.
The total contract value for October witnessed a yearly decline of 9.9 percent, amounting to HK$24.5 billion. However, there was a 7.5 percent increase in contract value starting from September.
The overall registrations for all properties, including carparks and shops, decreased by 33.9 percent on a yearly basis to 2,938 in October. This marks the lowest figure recorded in over seven-and-a-half years.
With the expectation that the US Federal Reserve will maintain interest rates in December, local developers are introducing more new homes to the market.
Sun Hung Kai Properties (0016) has announced that it will soon reveal the first price list for units in Yoho West Phase 1 located in Tin Shui Wai. Sales for this project will commence this month. The development comprises four blocks offering a total of 1,393 flats, with over half of them being two-bedroom units.
SHKP stated that prices will be determined based on Wetland Season Park, a neighboring project also developed by the company, as well as other projects located near railway stations.
Henderson Land Development (0012) plans to launch a project at the end of this month on Sai Yeung Choi Street North in Sham Shui Po. The pricing for this project will be based on neighboring projects such as The Harmonie in Cheung Sha Wan, according to the company. The development will offer a total of 492 apartments, primarily consisting of one-bedroom and two-bedroom units.
Henderson believes that now is a favorable time for buyers to purchase a home, as prices are expected to surge next year when the interest rate cut comes into effect.
In other news, KT Marina 1 in Kai Tak, a co-developed project led by K Wah International (0173), received 1,800 checks for the 212 price-listed units as of yesterday, resulting in an oversubscription of 7.5 times. The first round of sales, featuring 218 flats, will commence on Saturday.
Emperor International (0163) has accepted over 500 checks as of yesterday for 85 flats at South Sky in Aberdeen. Additionally, the company sold one more special unit for HK$4.59 million, or HK$18,600 per square foot of saleable area, within the span of 48 hours. This brings the total number of special flats sold to three.
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