Hong Kong Property Market Sees Surge in Sales Despite Inclement Weather

Despite adverse weather conditions, the Hong Kong property market experienced a significant uptick in sales over the weekend, buoyed by competitive pricing on new developments which has also influenced price reductions in the resale market.

CSI Properties (0497) reported a remarkable response to its newly launched Topside Residences, where the initial offering of 52 units was almost 18 times oversubscribed, drawing close to 1,000 applications. The company has hinted at price increases for the forthcoming batch due to the high demand. These units, which represent approximately 20% of the 259-unit development, were sold at an average price of HK$19,388 per square foot, post-discount.

In another part of the city, CK Asset (1113) announced potential price hikes of up to 10% for the remaining units at Blue Coast, located above the Wong Chuk Hang MTR station. Two notable sales at this development included a 958-square-foot apartment fetching HK$23.16 million and a 773-square-foot unit selling for HK$18.58 million.

The robust sales momentum extended to Ho Man Tin, where the first phase of 260 units at Onmantin’s phase IIB was swiftly sold out on Saturday.

Meanwhile, in the secondary market, sales at 10 major residential estates observed by Centaline Property surged by 37%, with 11 transactions recorded over the weekend, marking a four-week peak. Louis Chan Wing-kit, the Asia-Pacific vice-chairman of Centaline's residential division, noted that developers are strategically pricing new launches below current market rates, a move that has prompted sellers in the secondary market to offer more substantial discounts. This strategy has contributed significantly to the sustained growth observed in the overall property market.