Over the past weekend, Sierra Sea launched its second price list and is set to conduct the first round of sales for 168 units on Wednesday (14th). Several new developments also recorded transactions, among them Grand Seasons at Sun Hung Kai, which recorded three transactions, with a price per square foot starting at 14,667 HKD. As for the secondary market, the number of transactions in the top ten estates generally declined, with some agencies believing that last weekend coincided with Mother's Day, along with new developments absorbing a significant amount of secondary market buyers, leading to a slowdown in secondary trading.
K. Wah International's Grand Seasons at Sun Hung Kai recorded three transactions over the past weekend. The sold units included two-bedroom and three-bedroom layouts, with usable areas ranging from 495 to 716 square feet, selling prices from 7.26 million to 11.152 million HKD, and price per square foot from 14,667 to 15,575 HKD.
Developed by Sun Hung Kai Properties (00083.HK) and CLP HOLDINGS (00002.HK), St. George's Mansions located in Ho Man Tin recorded the sale of two luxury three-bedroom apartments, specifically units A and B on the 15th floor of Block 2, with usable areas from 1,868 to 1,870 square feet, Fill Prices between 81.49 million and 82.5 million HKD, and price per square foot from 43,578 to 44,165 HKD.
Additionally, Nine Dragons (00034.HK) saw three transactions recorded at Tseung Kwan O Oceanview Garden yesterday (11th), with a day’s cashing exceeding 17 million HKD. The project sold a total of four units over last weekend, cashing in over 22 million HKD, with a cumulative total of 1,464 units sold to date, cashing in over 8.24 billion HKD.
As for the new developments, New World Development (00016.HK) launched its second price list for Sierra Sea last Saturday (10th), offering a total of 88 units, including 11 one-bedroom, 64 two-bedroom, and 13 three-bedroom units, with an average discounted price per square foot of 11,198 HKD. The entry price unit is unit J on the 1st floor of Block 3, with a usable area of 302 square feet, a one-bedroom layout, and a discounted selling price of 3.1076 million HKD. The first round of sales for a total of 168 units will take place on Wednesday.
Regarding the secondary market, Centaline Property recorded 12 transactions in the top ten estates over the past weekend, a weekly decrease of 14.3%, maintaining double-digit transactions for two consecutive weeks, with two estates recording no transactions.
Centaline Property's Asia Pacific Vice Chairman and Residential Division President, Chan Wing-kit, stated that due to multiple Bullish factors, buyer confidence has increased; however, the launch of new primary developments is diverting market attention, coupled with the occurrence of Mother's Day, leading citizens to focus on gatherings and celebrations, causing a slight weekly slowdown in secondary trading, but the transaction volume has maintained double digits for two consecutive weeks, indicating a recovery in the housing market, with expectations for stable trading in the short term.
According to statistics from Midland Realty, approximately 14 transactions were recorded in the top ten estates during the second weekend of May, remaining flat week-on-week, achieving double-digit levels for five consecutive weeks. If considering the top fifteen estates, there were 15 transactions last weekend, down about 6.3% from approximately 16 transactions the previous weekend.
The CEO of the Residential Department at Midland Holdings, Lee Siu Ming, stated that although new developments are attracting a large number of buyers from the secondary market, the increasing willingness of buyers to enter the market and the return of some buyers for certain new developments are also providing some support to the secondary property market. Recent influxes of capital into Hong Kong and a significant drop in interbank rates are beneficial for the property market and reduce mortgage burdens, and the USA is still expected to cut interest rates, driving overall transactions.
According to aggregated data from the Ricacorp real estate branch network, the top 10 housing estates recorded 12 transactions of second-hand properties over the past weekend, a 14% week-on-week decline from 14 transactions from the previous weekend, marking two consecutive weeks of double-digit transactions.
According to statistics from a branch under Hong Kong Property, the top 10 housing estates in Hong Kong, Kowloon, and the New Territories recorded about 6 transactions over the past weekend, a week-on-week decrease of about 33%, maintaining at single digits for the seventh consecutive weekend. Among the top 10 housing estates, the most active was Mei Foo Sun Chuen with 2 transactions, followed by Tai Koo Shing, West Kowloon Four Small Dragons, Waterfront, and Grand Promenade, each recording 1 transaction.
