Two Major New Developments Lead: 503 Weekend Transactions, Blue Coast II Sells 191 Units in First Round

Over the weekend, two major new developments went on sale, driving a surge in primary market transactions. Between October 19 and 20, the market recorded 503 transactions, a 33.4% increase from the 377 transactions last week. Among these, Blue Coast II project launched its first batch of 256 units on Saturday. By the end of the day, 191 units were sold, generating over HK$2.5 billion in revenue.

The development attracted several large-scale buyers, with the first purchaser, a mainland Chinese buyer, spending close to HK$78 million to purchase four units, which ranged from two-bedroom to three-bedroom layouts. Additionally, nearly 90% of the units sold that day had transaction values exceeding HK$10 million, with the average prices for two-bedroom and three-bedroom units being HK$11 million and HK$17.5 million, respectively.

The developer stated that the first and second phases of the project have together generated over HK$13.3 billion in sales.

On Saturday, Sun Hung Kai Properties (0016) launched the third round of sales for The Cullinan at Kai Tak, offering 248 units. Of these, 215 units were listed at fixed prices and sold out by the end of the day. According to market sources, all units listed in the first three rounds sold out on the same day, with a total of 657 units sold in just three weeks. Including units sold through tender, the project has sold about 700 units over the past three weeks, representing 77% of the 906 units available in Phase 1.

In response to the strong demand, the developer immediately released an additional 98 units, with a starting price of approximately HK$6.16 million and a price per square foot starting at HK$20,537. Some units saw slight price increases of 2% to 6%, and the new batch is expected to go on sale as early as next weekend.

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