Tuen Mun's New Development Draws Buyers, Top 10 Estates See Only 4 Weekend Transactions

This weekend, Centaline Property recorded only four transactions for Hong Kong’s top 10 housing estates, a 20% drop from the previous week, marking a consecutive two-week decline and returning to the low levels of five weeks ago. Seven of these estates saw zero transactions.

Louis Chan Wing-kit, Vice Chairman of Centaline’s residential devision, noted that high interest rates and a lack of positive market factors have weakened buyer confidence. Developers continue to offer new properties at low prices, with significant discounts compared to the secondary market, drawing buyers towards new developments. The recent hot sales of Tuen Mun's Novo Land Phase 3B, which began its first-round sales last Saturday, demonstrate strong demand for attractively priced properties. Chan believes that the new property market will continue to dominate in the short term, while secondary market transactions will remain low.

On Hong Kong Island, Taikoo Shing and South Horizons each recorded one transaction over the weekend. In Taikoo Shing, a high-floor unit F in Yen Kung Mansion, with a saleable area of 716 square feet and a three-bedroom layout, sold for HK$9.88 million, translating to HK$13,799 per square foot. The original owner purchased the unit in January 1998 for HK$5.85 million, holding it for over 26 years and realizing a profit of HK$4.03 million, reflecting a 69% increase in value. Taikoo Shing has recorded 19 transactions in June so far, with an average price per square foot of about HK$14,450.

South Horizons recorded a transaction for a high-floor unit E in Block 9, with a saleable area of 739 square feet, a three-bedroom layout, and a southeast-facing sea view. Previously listed at over HK$14 million at its peak, the original owner had put it on the market for HK$13.8 million in September last year, eventually selling it for HK$10.8 million, a reduction of HK$3 million, at HK$14,614 per square foot, considered a bargain.

In Kowloon, Mei Foo Sun Chuen recorded two transactions this weekend, one more than last weekend, with an average price per square foot of about HK$10,005. A notable transaction was a mid-floor unit B in Block 61 on Broadway Street, with a saleable area of 511 square feet and a two-bedroom layout. Initially listed at HK$5.6 million, it was sold for HK$5.5 million after a HK$100,000 price reduction, translating to HK$10,763 per square foot. The original owner bought the unit in September 2004 for HK$1.738 million, holding it for nearly 20 years and realizing a profit of HK$3.762 million, a 2.2-fold increase in value.

In the New Territories, the spotlight was on Tuen Mun's new development, Novo Land Phase 3B, which officially opened for sales last Saturday. The attractive pricing drew significant buyer interest, impacting secondary market transactions. As a result, no transactions were recorded in Kingswood Villas this weekend.

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