2025-02-21 28Hse Editor
Hong Kong’s top 10 housing estates recorded seven transactions over the weekend, a sharp 53.3% weekly drop, hitting an eight-week low. Half of the estates had no sales, with South Horizons leading with three transactions, while the remaining four estates each had one sale.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property, said that the impact of the recent interest rate cuts has been less significant than expected. In contrast to the immediate rebound following the policy easing in February, the current market is seeing a much slower recovery. This is primarily due to the cautious response from investors and mainland Chinese buyers, who remain hesitant and are still observing the market. As a result, the local property market is currently being supported by local buyers, with no significant improvement yet.
In the Hong Kong Island area, only South Horizons recorded any sales. A mid-floor unit in Block 2, measuring 526 square feet, with a 2-bedroom layout, was sold for HK$6.45 million, reflecting a price of HK$12,262 per square foot, which is considered market price. The original owner purchased the unit in 2012 for HK$5.35 million and made a paper profit of HK$1.1 million after holding the property for 12 years, representing a 20% appreciation.
In Kowloon, two estates saw transactions: Metro City and Whampoa Garden, each with one sale. Metro City in Tseung Kwan O recorded one sale over the weekend, down by one from the previous week. A low-floor unit in Phase 2, Block 2, measuring 538 square feet, with a 3-bedroom layout, was sold for HK$6.5 million, at a price of HK$12,082 per square foot. The original owner bought the unit in 2010 for HK$3.49 million and made a paper gain of HK$3.01 million after holding it for 14 years, reflecting an 86% appreciation.
Whampoa Garden saw one transaction this weekend: a high-floor unit in Phase 10, Block 3, measuring 708 square feet, sold for HK$9 million, with a price of HK$12,712 per square foot.
In the New Territories, Tung Chung’s Caribbean Coast recorded one sale over the weekend, unchanged from the previous week. A mid-low-floor unit in Block 10, measuring 544 square feet, with a two-bedroom layout, was sold for HK$5.66 million, at HK$10,404 per square foot. The original owner purchased the unit in 2012 for HK$3.6 million, making a paper profit of HK$2.06 million after holding it for 12 years, reflecting a 57% appreciation.
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