Woodis Sells Out 75 Units, Boosts Weekend Sales by 100%

Developers continue to adopt cautious pricing strategies, introducing new projects that are driving increased activity in the primary property market. Among these, Wan Chai’s new development, woodis, saw all 75 units in its first phase sell out on the first day of launch, significantly boosting weekend transaction volumes. The primary market recorded approximately 180 transactions over the past weekend, a 100% increase compared to 87 transactions the previous weekend.

In the secondary market, all four major agencies reported increased activity across the top 10 housing estates. Property prices in the secondary market are also showing signs of gradual stabilisation. For example, a two-bedroom unit at Yoho Midtown in Yuen Long sold at a 4% loss after five years, significantly outperforming the nearly 20% decline seen in broader market prices over the same period.

Woodis Drives Surge in Primary Market Sales

Over Saturday and Sunday, the primary market recorded around 180 transactions, double the number from the previous weekend. Henderson Land’s woodis played a major role in this spike, as its first phase of 75 units, launched on Saturday, sold out on the same day. The units included 61 two-bedroom apartments and 14 three-bedroom apartments, with usable areas ranging from 343 to 598 square feet. The developer generated approximately HK$758 million in revenue from these sales.

Louis Chan Wing-kit, vice chairman and CEO of Centaline Property’s Asia-Pacific division, noted that two clients purchased four units through the agency, spending over HK$50 million on two three-bedroom and two two-bedroom units. Meanwhile, Midland Realty reported a client purchasing three units, including two three-bedroom and one two-bedroom unit, for approximately HK$40.66 million. According to Mark Hahn Ka-fai, General Manager of Sales (2) at Henderson Property, the developer plans to release more units early this week, with potential price increases.

Separately, Cullinan Sky Phase 2 in Kai Tak sold 10 four-bedroom units via tender on Sunday. Each unit included one to two parking spaces, with transaction prices ranging from HK$30.33 million to HK$93.21 million, or HK$33,401 to HK$44,866 per square foot. The most expensive unit, located on the 38th floor of Tower 1, featured a usable area of 2,230 square feet with one parking space and sold for HK$41,797 per square foot. The unit with the highest price per square foot, located on the 43rd floor of the same tower, had a usable area of 1,808 square feet with two parking spaces and sold for HK$44,866 per square foot.

Elsewhere, The Pavilia Forest I recorded three additional sales over the weekend. Notable deals included a 383-square-foot, two-bedroom unit on the 19th floor of Tower 3, which sold for HK$8.215 million at HK$21,449 per square foot. In North Point, a mainland buyer spent HK$14.78 million on two one-bedroom units in State Pavilia, including a 362-square-foot unit on the 27th floor that sold for HK$7.41 million, or HK$20,470 per square foot. To date, State Pavilia has sold 345 units, accounting for more than 93% of available stock, with total revenue exceeding HK$3.8 billion.

The secondary market remains under pressure from active new launches, with some owners rushing to sell before competition intensifies. For example, a 482-square-foot two-bedroom unit at Yoho Midtown in Yuen Long recently sold for HK$7.3 million, representing a HK$300,000 loss compared to its purchase price of HK$7.6 million in 2020. The 4% loss is relatively modest compared to the nearly 20% decline in market prices over the same period.

Meanwhile, in Sha Tin’s City One, a 327-square-foot two-bedroom unit sold for HK$4.1 million. The original owner purchased the unit for HK$3.28 million in 2014, securing an 11-year profit of HK$820,000, or a 25% appreciation.

Weekend secondary market transactions remained steady, with the four largest agencies reporting increased activity across the top 10 housing estates. Midland Realty recorded 12 transactions, up three from the previous weekend, while Centaline and Ricacorp each recorded 11 transactions, an increase of two. Although short-term property prices are unlikely to see significant gains, the overall market sentiment has improved compared to early this year, with transaction volumes showing strong support, suggesting a stable trend in the near term.

Over Saturday and Sunday, the primary market recorded around 180 transactions, double the number from the previous weekend. Henderson Land’s woodis played a major role in this spike, as its first phase of 75 units, launched on Saturday, sold out on the same day. The units included 61 two-bedroom apartments and 14 three-bedroom apartments, with usable areas ranging from 343 to 598 square feet. The developer generated approximately HK$758 million in revenue from these sales.

Louis Chan Wing-kit, vice chairman and CEO of Centaline Property’s Asia-Pacific division, noted that two clients purchased four units through the agency, spending over HK$50 million on two three-bedroom and two two-bedroom units. Meanwhile, Midland Realty reported a client purchasing three units, including two three-bedroom and one two-bedroom unit, for approximately HK$40.66 million. According to Mark Hahn Ka-fai, General Manager of Sales (2) at Henderson Property, the developer plans to release more units early this week, with potential price increases.

Separately, Cullinan Sky Phase 2 in Kai Tak sold 10 four-bedroom units via tender on Sunday. Each unit included one to two parking spaces, with transaction prices ranging from HK$30.33 million to HK$93.21 million, or HK$33,401 to HK$44,866 per square foot. The most expensive unit, located on the 38th floor of Tower 1, featured a usable area of 2,230 square feet with one parking space and sold for HK$41,797 per square foot. The unit with the highest price per square foot, located on the 43rd floor of the same tower, had a usable area of 1,808 square feet with two parking spaces and sold for HK$44,866 per square foot.

Elsewhere, The Pavilia Forest I recorded three additional sales over the weekend. Notable deals included a 383-square-foot, two-bedroom unit on the 19th floor of Tower 3, which sold for HK$8.215 million at HK$21,449 per square foot. In North Point, a mainland buyer spent HK$14.78 million on two one-bedroom units in State Pavilia, including a 362-square-foot unit on the 27th floor that sold for HK$7.41 million, or HK$20,470 per square foot. To date, State Pavilia has sold 345 units, accounting for more than 93% of available stock, with total revenue exceeding HK$3.8 billion.

The secondary market remains under pressure from active new launches, with some owners rushing to sell before competition intensifies. For example, a 482-square-foot two-bedroom unit at Yoho Midtown in Yuen Long recently sold for HK$7.3 million, representing a HK$300,000 loss compared to its purchase price of HK$7.6 million in 2020. The 4% loss is relatively modest compared to the nearly 20% decline in market prices over the same period.

Meanwhile, in Sha Tin’s City One, a 327-square-foot two-bedroom unit sold for HK$4.1 million. The original owner purchased the unit for HK$3.28 million in 2014, securing an 11-year profit of HK$820,000, or a 25% appreciation.

Weekend secondary market transactions remained steady, with the four largest agencies reporting increased activity across the top 10 housing estates. Midland Realty recorded 12 transactions, up three from the previous weekend, while Centaline and Ricacorp each recorded 11 transactions, an increase of two. Although short-term property prices are unlikely to see significant gains, the overall market sentiment has improved compared to early this year, with transaction volumes showing strong support, suggesting a stable trend in the near term.

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