High-End Real Estate in Hong Kong Sees Continued Activity with Multi-Million Dollar Sales

A prestigious residence located at 23-29 Blue Pool Road in Happy Valley, developed by Hang Lung Properties (0101), has been sold by tender for an impressive HK$250 million. The property, covering 4,599 square feet, achieved an average selling price of HK$54,360 per square foot. This transaction marks the second sale this year for this luxury development.

As developers keep releasing new properties into the market, Star Properties is preparing to launch 59 units at After The Rain in Yuen Long. These units vary in size from 268 square feet to 717 square feet, with prices ranging from HK$3.84 million to HK$10.07 million. The upcoming sale over the weekend will include the final three two-bedroom apartments, with the most affordable being a 454-square-foot unit priced at HK$6.12 million, or HK$13,478 per square foot. To date, approximately 75 percent of the project, or 254 flats, have been sold, generating a total of HK$1.54 billion in sales.

In another significant development, over 7,000 checks were submitted by potential buyers for 210 flats at Yoho Hub II in Yuen Long, developed by Sun Hung Kai Properties (0016). This overwhelming interest made the batch 32 times oversubscribed, indicating a high demand in the market.

Additionally, Carrianna (0126) and Choice Holdings have recently increased the prices of three flats at The Vim in Sham Shui Po by up to 3.3 percent, reflecting a bullish sentiment in certain segments of Hong Kong's real estate market. This series of transactions and launches underscores the dynamic nature of the property sector in the region, despite varying market pressures.