2025-02-21 28Hse Editor
The Hong Kong real estate market has seen an explosive increase in activity following the recent repeal of housing restrictions, with new home deals experiencing a more than thirteenfold jump in just eight days, according to Midland Realty.
The agency has observed a significant uptick in the secondary market as well, with transactions at 35 housing estates tripling, prompting Midland Realty to adjust its March transaction forecast to 5,000.
Leading the charge in the primary market, Sino Land (0083) successfully sold 59 flats, totaling approximately HK$580 million in sales, while Henderson Land Development (0012) secured 247 deals, selling 138 flats at Belgravia Place in Cheung Sha Wan for HK$1.4 billion.
Belgravia Place has seen overwhelming interest, receiving around 5,400 checks for 208 flats in its second round by 3.30pm yesterday, resulting in the batch being 24 times oversubscribed. The sales for this batch are slated to commence today.
China Overseas Land & Development (0688) reported eight transactions yesterday for its One Victoria project in Kai Tak. Meanwhile, Star Properties is gearing up to release 60 flats at After The Rain in Yuen Long this Saturday, with starting prices at HK$4.34 million after discounts.
In Fo Tan, the sale of 100 flats at The Arles has been postponed to Sunday, with developer Centralcon Properties planning a slight price increase.
Sun Hung Kai Properties (0016) introduced the first sales for its Cullinan Harbour development in Kai Tak yesterday and is set to offer 68 flats through a tender process next Wednesday.
The secondary market is bustling with investors eager to acquire flats priced below HK$3 million after the lift of housing curbs. A 288-square-foot three-bedroom unit at Cosmopolitan Estates in Tai Kok Tsui, previously listed at HK$2.45 million, fetched HK$2.55 million amidst heightened demand.
January's data from the Rating and Valuation Department indicates a surge in the completion of private homes, reaching a two-year peak of 3,593 units, which represents 16 percent of the annual forecast.
The supply pipeline remains robust, with Chinachem recently receiving pre-sale consent for 198 units in Cheung Sha Wan as reported by the Lands Department.
As of February, there are 21 projects awaiting pre-sale approvals, encompassing 9,229 units—a 20 percent increase from the 7,717 flats in January.
CK Asset (1113) is also expected to unveil Phase 3 of its Blue Coast project in Wong Chuk Hang, adding to the growing list of anticipated launches in the city's bustling property market.
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