New Kowloon Bay project starts at HK$14,000 per sq ft?! | HK Weekend Property Market Recap

After last week’s full withdrawal of property cooling measures, the Hong Kong property market has seen a resurgence, particularly in the sector of new developments. Over the past weekend, even in the absence of any major new property launches, the market was active, with about 301 transactions being recorded from the sale of remaining inventory.

Looking back on the first ten days of March, the market has already recorded over 1,600 transactions for new developments. This is nearly five times the approximate 277 deals recorded for the whole of February. This surge is anticipated to exceed last March's peak of around 2,130 transactions.

Meanwhile, with new home sales flourishing, developers are rushing to the market with new developments. Among the projects poised for launch, Uptown East in Kowloon Bay, developed by Wong Sun Hing, has been leading the way in pricing after the withdrawal of "spicy measures."

Amid a busy first-hand market, the secondary market is also keeping pace. Over the weekend, Hong Kong’s four biggest real estate agencies recorded 12 to 37 deals for the city’s top ten blue-chip housing estates. Among them, Centaline and Midland Realty saw a more than three-year high.

Although transaction volume has increased, housing prices have not yet seen support, with loss-making transactions still prevalent. We then review three relevant transactions (Kornhill, Yee Fung Garden, Tsuen Wan Centre).