Author: Salina Li
The recent sale of a parcel of land in Yuen Shun Circuit, which can accommodate around 280 flats, garnered HK$619 million (US$79.29 million) or HK$3,952 per square foot. This falls within the pre-sale estimates of HK$3,000 to HK$5,000 per square foot. The City One MTR station is in close proximity to the site, making it an attractive investment option due to its moderate scale and relatively low investment risk. Developers such as CK Asset Holdings, Sino Land, Great Eagle, and Citic Pacific submitted bids for the land. According to James Cheung, executive director at Centaline Surveyors, developers have been cautious…
The Hong Kong government plans to sell a single plot of residential land in the second quarter of its fiscal year, following a cautious strategy amidst a housing market downturn. The secretary for development, Bernadette Linn Hon-ho, announced that a residential site in Siu Lek Yuen, Sha Tin, and an industrial site in Hung Shui Kiu, Yuen Long, will be up for tender in the upcoming months. Linn emphasized the government’s careful approach due to weak market sentiment and high interest rates, opting to launch sites in established communities like Sha Tin. These smaller land sales reflect a conservative strategy…
Despite offering a 20 per cent discount compared to a similar property nearby, sales at The Highline, a new residential project on Hong Kong Island, slowed down after an initial surge. Right Honour Investments, the developer, sold 43 out of 78 units in the first batch, attracting 306 preregistered buyers. The studio, one, and two-bedroom flats ranged from 211 to 524 sq ft and were priced between HK$3.88 million to HK$14.68 million. Priced at an average of HK$22,719 per square foot, The Highline surprised the market with its 18 per cent lower pricing compared to the area’s prevailing rate. The…
After the government removed property curbs, the primary market in Hong Kong saw a significant increase in transactions. In March, 4,141 new residential units were sold, a stark difference from the 262 units sold in February. However, the numbers dropped to 1,880 units in April and further decreased to 1,273 in May. JLL’s report stated that this surge represented pent-up demand being released, anticipating a decrease in transactions in the coming months. Despite March reaching historically high transaction numbers, analysts predict around 18,000 primary transactions for the year. Furthermore, secondary-market transactions are also slowing down. With the US Federal Reserve…