HK property market buzz before Park Seasons launch | HK Weekend Property Market Recap

Since the government’s full withdrawal property cooling measures in February, developers have continued to launch new properties at low prices. The transaction volume for new projects has surged, recording over 4,170 cases in March, which is the highest single-month volume since the implementation of the Residential Properties (First-hand Sales) Ordinance in 2013.

Developers indicate that among the buyers, 70% were local, and 30% were Mainland Chinese. Among them, two major buyers purchased eight three-bedroom units each, which cost HK$153 million and HK$140 million, respectively. In addition, Justin Chiu Kwok-hung, CK Asset's executive director, spent more than HK$20 million on a three-bedroom unit, which is expected to be used as a private residence. He also expressed interest in purchasing a four-bedroom unit later on.

Despite CK Asset’s earlier statements that they would consider selling the four-bedroom units via tender, they ultimately decided to release them through a price list, specifically the 23rd to 29th floors of Block 1A, comprising 12 four-bedroom units. The discounted prices start from HK$35.617 million, with a per-square-foot price reaching nearly HK$30,000, pushing up the average price per square foot for the entire batch of units.

Developers expect the prices for the new units to rise by about 3%, emphasising that these figures have yet to reach the cost price. They anticipate further upward price adjustments. However, the premium four-bedroom units are still set aside for tender sales. This strategy hints that developers may harbor some reservations about the future market, opting to capitalise on the current surge in transactions.

Looking at other remaining stock, 500 transactions were recorded in the first-hand residential market. Notably, large clients have been buying in bulk. For example, one buyer snapped up 12 units at Henley Park, Henderson Land's project in Kai Tak, each unit with a saleable area of 250 square feet, for a total of about HK$66.56 million.