2025-02-21 28Hse Editor
In the lead-up to the Lunar New Year, Hong Kong's secondary home sales have soared to a 44-week high, spurred on by positive market sentiment and Wang On Properties' (1243) adherence to competitive pricing for their latest Wong Tai Sin venture.
Midland Realty reported a total of 17 transactions within 10 major housing estates, indicating a sustained trend of robust weekend sales activity for the third week in a row.
Hong Kong Island's three estates experienced a surge in sales with seven transactions, a notable 40 percent increase from the prior week. Kowloon's four estates collectively maintained steady performance with six deals, matching the previous week's figures. However, the New Territories saw a downturn, with sales across three estates falling by 33 percent to four, according to Midland data.
Centaline Property Agency observed a 7.1 percent rise in transactions at these prestigious estates, with 15 sales over the weekend, marking a fourth consecutive week of growth.
With the Lunar New Year on the horizon, many prospective buyers accelerated their market entry. Notably, Taikoo Shing experienced a seasonal transaction spike, with four deals over the weekend contributing to a total of seven for the month. Centaline highlighted an average sale price of HK$14,520 per square foot for the area.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of Centaline Property’s residential division, commented on the lack of fierce competition for new flats in the primary market at the start of January. This trend has led to secondary market sellers reducing their asking prices to secure sales.
Sammy Po Siu-ming, chief executive of Midland's residential division for Hong Kong and Macau, pointed out that despite attractive prices in the primary market, the anticipation of US interest rate cuts and the potential easing of local property cooling measures are driving buyers towards second-hand properties.
In related developments, Wang On Properties unveiled its third price list for the Phoenext project in Wong Tai Sin, offering 46 flats at a starting price of HK$3.91 million. This batch includes 26 one-bedroom and 20 two-bedroom units, following the release of 23 units in the second price list on Saturday.
Additionally, a notable real estate listing has emerged in Causeway Bay, where a ground-floor shop on East Point Road is up for sale at HK$60 million.
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