2025-02-21 28Hse Editor
Gold Coast Bay The Reserve, a residential project by Early Light International, began its first round of sales on January 18, offering 280 units to the market. Priced from HK$2.42 million, the development received an overwhelming response, with over 4,500 registrations of intent by the application deadline on January 16—exceeding the available units by more than 15 times. By 5PM on the sales day, 217 units had been sold, accounting for over 70% of the available units, marking it as the first major success in Hong Kong’s property market in 2025. According to Lee Ping-yu, Early Light’s Managing Director of the Property Development Division, nearly 80% of one-bedroom units and over 70% of studio units had been sold. All standard two-bedroom units were snapped up, aside from the featured designs. The strong sales performance has prompted the group to immediately plan for the next round of sales.
The first round of 280 units included layouts ranging from studios to three-bedroom apartments, with discounted prices between HK$2.42 million and HK$7.34 million and unit prices ranging from HK$7,941 to HK$12,073 per square foot. The project offers a total of 631 units in its second phase, with usable areas ranging between 305 and 1,329 square feet. These include studio, one-bedroom, two-bedroom, and three-bedroom units, as well as specialty apartments.
Realtors predicted robust sales, with Louis Chan Wing-kit, CEO of Centaline Property Agency, estimating that over 80% of the units would sell out by the end of the day. He noted the project’s attractive pricing, comparable to the cost of parking spaces in urban areas, which appealed to both first-time buyers and investors. Approximately 70% of buyers were owner-occupiers, including young first-time homeowners and Housing Ownership Scheme buyers, while others targeted rental demand from nearby schools, faculty, and airport staff. Rental yields for the project are projected to exceed 4%, with expected rents of HK$35–45 per square foot.
The sales process was divided into three groups. The S Group, reserved for invited buyers including employees, had priority access. The A Group targeted bulk buyers, allowing them to purchase two to five units, while the B Group was open to individual buyers. In the early stages, the A Group saw strong participation, with 50 groups of buyers snapping up 41 units, including eight bulk buyers who purchased two units each. Two-bedroom and three-bedroom units were particularly popular, with many buyers being local residents upgrading their homes within the same district.
The Reserve’s success sets a positive tone for the Hong Kong property market in 2025. Analysts expect approximately 800 transactions in the primary market this month. With Lunar New Year approaching, the strong sales momentum is expected to continue, and the market is predicted to see a “mini-spring” after the holidays as uncertainties ease and pent-up demand is released.
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