Over the past weekend (November 29–30), the property market experienced limited activity in new large-scale developments. The recent fire in Tai Po further dampened sentiment, prompting several developers to delay project launches. As a result, the primary market relied heavily on leftover inventory. According to market data, the primary market recorded approximately 74 transactions over the weekend, marking a sharp 26% drop from the 100 transactions recorded the previous weekend (November 22–23). This figure represents the lowest level in nearly two months.
One notable example was Aruna in Ap Lei Chau, where 18 units were launched over the weekend. However, the project ended with zero sales, reflecting the subdued market sentiment.
In the secondary market, a partial return of purchasing power contributed to a slight rebound in transaction volumes across the top ten housing estates. All four major real estate agencies reported an increase in weekend transactions compared to the previous week. Midland Realty recorded 11 transactions, while Ricacorp followed with 10.
Primary Market Dominated by Leftover Stock, Records Just 74 Deals in Two Days – An Eight-Week Low
The primary market was heavily impacted by the delayed launches of several new projects, which cooled market sentiment. Over the weekend of November 29–30, only one new project released units for sale, resulting in just 74 transactions involving leftover stock – the lowest figure in eight weeks.
Among the notable transactions, six units were sold at The Aperture in Kowloon Bay, a development by Hang Lung Properties, generating over HK$60.54 million in revenue. The most expensive deal was for a 770-square-foot unit on the 21st floor (a three-bedroom flat with a maid’s room and bathroom), which sold for over HK$14.92 million, translating to HK$19,377 per square foot.
According to market data, the weekend’s largest contributor to transaction volume was the Seasons series in Lohas Park Phase 12, a project jointly developed by Wheelock Properties and MTR. A total of 19 units were sold over two days. Specifically, the Grand Seasons project recorded two transactions on Saturday (November 29), generating HK$18.67 million in revenue. These included a 716-square-foot unit on the 43rd floor of Tower 1B, which sold for HK$11.65 million (HK$16,265 per square foot), and a 453-square-foot unit on the 48th floor, which fetched HK$7.03 million (HK$15,514 per square foot).
To date, the SEASONS series has sold a total of 1,635 units, generating over HK$10.2 billion in revenue.
Meanwhile, Koko Hills in East Kowloon also saw activity over the weekend, with a 770-square-foot unit on the 21st floor of Tower 5 selling for HK$15 million (HK$19,481 per square foot). The Koko Hills development has sold 988 units to date, generating over HK$9.88 billion in revenue.
In Tuen Mun, Gold Coast Bay The Reserve by Early Light International sold four units over the weekend, generating HK$24.02 million in total. The most expensive transaction was a 545-square-foot, two-bedroom unit on the 12th floor of Tower 1A, which sold for HK$7.35 million, or HK$13,494 per square foot.
The other three transactions were all located in Tower 1B. These included a 450-square-foot unit on the 15th floor, which sold for HK$5.51 million (HK$12,249 per square foot), a similar unit on the 17th floor that sold for HK$5.72 million (HK$12,718 per square foot), and a 435-square-foot unit on the 17th floor, which fetched HK$5.43 million (HK$12,485 per square foot).
Aruna Launch of 18 Units Ends with Zero Sales
Developed by Chuang’s Corsortium, Aruna in Ap Lei Chau launched 18 units as planned, with the updated price list uploaded on Tuesday (November 25). The discounted prices started at HK$5.292 million, with an average discounted price of HK$20,250 per square foot. The units were officially put up for sale on Saturday (November 29), including nine units bundled with tenancy agreements. However, due to the negative market sentiment caused by a recent fire incident, the launch ended with zero sales.
The released units were all one-bedroom apartments, primarily located on mid- to high floors, with usable areas ranging from 272 to 317 square feet. The list prices ranged from HK$9.046 million to HK$10.922 million, with prices per square foot between HK$33,015 and HK$34,454. After discounts of up to 38.25% to 41.5%, the units were priced between HK$5.292 million and HK$6.581 million, or HK$19,314 to HK$21,017 per square foot. The entry-level unit was located on the 18th floor, offering a usable area of 274 square feet, with a discounted price of HK$5.292 million (HK$19,314 per square foot).
Secondary Market Sees Slight Uptick in Transactions Amid Mixed Sentiment
In the secondary market, all four major real estate agencies reported increases in transaction volumes across the top ten housing estates over the weekend. Midland Realty recorded 11 transactions, an increase of one from the previous week, while Ricacorp posted 10 transactions, up by four. Centaline and Hong Kong Property also saw improvements, with each recording eight transactions, an increase of one and three, respectively.
Market analysts noted that some buyers have shifted their focus back to the secondary market, resulting in a slight recovery in transaction volumes. However, the overall number of deals remains limited due to lingering uncertainties and the impact of recent events on buyer and seller sentiment.
The fluctuating market atmosphere has also led to a mix of cases involving both losses and gains. For example, a 285-square-foot, two-bedroom unit on a high floor of Block A in Phase 1 of Tai Wai’s Golden Lion Garden, was sold for HK$3.88 million (HK$13,614 per square foot). The original owner purchased the property in July 2020 for HK$4.88 million, incurring a paper loss of HK$1 million, or a 20% depreciation.
Interestingly, records show that a similar unit two floors below sold for HK$3.18 million last month (HK$11,158 per square foot), indicating that prices for comparable units in the building have rebounded by approximately 22% within a month.
On the other hand, there were also cases of appreciation. A 451-square-foot, three-bedroom unit on a lower floor of Block 9 in City One Shatin, recently sold for HK$5.33 million (HK$11,818 per square foot). The seller originally bought the property in June 2014 for HK$4.5 million, earning a profit of HK$830,000, or an 18% appreciation.
