Victoria Voyage Faces Lacklustre Sales, While Spring Garden Sells Out Fast

As Hong Kong’s property market steps into an interest rate cut cycle, transaction sentiment has slightly improved. However, with bargain-priced listings dwindling, buyers and sellers remain locked in pricing negotiations, slowing market absorption. Over the past weekend, approximately 100 new property transactions were recorded—a 30% drop compared to the previous weekend—highlighting continued buyer caution.

Victoria Voyage’s First Round Sees Lacklustre Sales at 15%

One of the weekend’s major launches, Victoria Voyage’s Phase 1A in Kai Tak, struggled to attract buyers. Out of 60 units offered on a first-come, first-served basis on Sunday, only 9 units were sold, achieving just a 15% sell-through rate and generating HK$93.49 million. Two bulk buyers purchased two units each, while the top transaction was a 579 sq ft two-bedroom unit with a storage room, sold for HK$17.97 million (HK$31,038 per sq ft).

The current batch includes units ranging in size from 319 to 513 sq ft, with discounted prices between HK$6.72 million and HK$14.29 million (HK$21,066 to HK$27,893 per sq ft). The most affordable unit was a 319 sq ft one-bedroom unit priced at HK$6.72 million (HK$21,066 per sq ft), making it the lowest-priced option in this phase.

Spring Garden: 20 Units Sold Out in an Hour During Second Round

In stark contrast, Wan Chai’s Spring Garden saw overwhelming demand. Developer Wheelock Properties launched the second price list on Sunday, offering the remaining 20 units, which sold out in under an hour. Bulk buyers dominated, with four buyers purchasing entire floors (4 units each) and two others buying two units each.

These units ranged from 278 to 398 sq ft, comprising 15 one-bedroom and 5 two-bedroom layouts, with discounted prices between HK$8.16 million and HK$13.09 million (HK$27,946 to HK$32,895 per sq ft).

According to the developer, all standard units were sold out within a week, generating over HK$800 million in total revenue. Specialty units sold via tender also performed exceptionally well, with one rooftop unit achieving a record-breaking HK$38,511 per sq ft. Four special units remain available, with strong demand anticipated.

Seasons Series Maintains Momentum, Sino Land Projects Log Sales

Sales at Tseung Kwan O’s Seasons series remained steady over the weekend. Wheelock Properties reported 10 transactions on Sunday, generating approximately HK$55 million. Units sold ranged from 323 to 448 sq ft, priced between HK$6.75 million and HK$14.87 million (HK$14,487 to HK$15,406 per sq ft). To date, the project has sold 584 units in 2023, generating over HK$3.64 billion.

Meanwhile, Sino Land’s Grand Mayfair I in Yuen Long and Tseung Kwan O’s Villa Garda recorded five transactions over the weekend, collectively generating over HK$29 million. 

Mixed Results in the Secondary Market

The secondary market saw varied performance across Hong Kong’s top 10 blue-chip housing estates.

Centaline Property recorded 10 transactions, up 25% from the previous weekend, while Midland Realty maintained steady sales with 10 transactions, marking four consecutive weekends of double-digit deals. 

Ricacorp Properties saw a slight drop to 9 transactions, down 18%, marking a four-week low.

Mei Foo Sun Chuen recorded two transactions with an average price of HK$10,299 per sq ft. Notable sales included a 509 sq ft two-bedroom unit with mountain views, sold for HK$5.55 million (HK$10,904 per sq ft) after a price reduction. The original owner, who purchased the unit for HK$1.305 million in 2004, secured a profit of HK$4.245 million—a 3.2-time increase over 21 years.

Loss-Making Sale in Providence Bay, Tai Po

Despite recent price stabilisation, some owners continue to sell at a loss. A unit in Providence Bay in Tai Po recently sold for HK$25.8 million (HK$14,021 per sq ft), representing a HK$7.735 million loss (23.06%) from its original purchase price of HK$33.535 million in 2013.

While Hong Kong’s property market shows signs of recovery with the onset of an interest rate cut cycle, the overall sentiment remains cautious. New property launches reveal a polarized trend, with affordable projects like Spring Garden seeing strong demand, while high-priced developments such as Victoria Voyage struggle to sell. In the secondary market, mid-range estates maintain steady transactions, but high-end properties continue to face price cuts, reflecting an ongoing phase of price and volume adjustments.

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