Hong Kong's New Developments See Robust Sales While Secondary Market Slows

Hong Kong's primary housing market showed strong activity over the weekend, with significant sales at Onmantin in Ho Man Tin and The Yoho Hub II in Yuen Long, contrasting sharply with a slowdown in the secondary housing market.

At Onmantin, developed by Great Eagle (0041) and MTR Corp (0066), 202 out of 248 flats were sold by 6pm yesterday in the second round of sales, which had been rescheduled from Saturday to Sunday. Including tendered sales at Phase IIA, Onmantin recorded a total of 504 transactions valued at over HK$6.2 billion over 11 days.

Elsewhere, CK Asset (1113) reported 10 transactions at El Futuro in Kau To Shan during the five-day May Day holiday, totaling over HK$194 million. CK Asset also announced plans to offer six more flats at the project this Thursday, with prices ranging from HK$17.25 million to HK$21.83 million after discounts.

Wheelock Properties disclosed that 12 homes in the Seasons series at Lohas Park were sold during the same period. Additionally, a luxury unit at Chinachem's Victoria Coast in Pok Fu Lam fetched HK$30 million, or HK$21,946 per square foot, in a tender sale.

Sun Hung Kai Properties (0016) highlighted intense interest in The Yoho Hub II, with more than 3,600 checks received for 282 flats, resulting in nearly 12 times oversubscription. They also released a second price list for an additional 94 flats, with the lowest-priced unit offered at HK$6.84 million after discounts. This batch's average price stood at HK$15,038 per square foot, marking a 5 percent increase from the previous batch and 24.4 percent below the initial pricing for The Yoho Hub I.

Meanwhile, Henderson Land Development (0012) launched a new sales center and show flats for Gateway Square Mile in Mong Kok.

In contrast, transactions at 10 major housing estates dropped by 27 percent to just eight over the previous week, according to data from Centaline Property Agency. Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline, attributed the sluggish secondary market activity to attractively priced new homes and adverse weather conditions, despite stable interest rates maintained by the US Federal Reserve.

Hong Kong Property Services recorded a significant decrease in transactions at blue-chip estates, with only two deals completed, marking a 78 percent drop and reaching a two-week low.