Hong Kong’s primary residential market sees wave of launches, successful sales
Hong Kong homebuyers are poised to see new residential launches in the coming days and weeks following a sell-out weekend of more than 360 flats in two major projects in the city. Sun Hung Kai Properties (SHKP), one of Hong Kong’s major developers and landlords, was set to hold a second round of sales for Sierra Sea Phase 2C(2) in Shap Sze Heung, which is between Sai Kung and Ma On Shan, with 152…
Hong Kong's residential market is experiencing a surge of new launches and successful sales after a sell-out weekend for two major projects. Sun Hung Kai Properties held a second round of sales for Sierra Sea Phase 2C(2) with 152 flats available, offering 128 flats at discounted prices and 24 via tender. Yuexiu Property also sold out all 220 flats in The Atlas Phase 1 project in Yau Tong.
Primary launches are outperforming the secondary market, according to Derek Chan Hoi-chiu, head of research at Ricacorp Properties. Developers are offering aggressive price cuts and flexible payment schemes to drive inventory turnover. CK Asset Holdings plans to soft market its Montage residential development in Kam Tin North. Higher interest rates may lead to higher mortgage payments, prompting developers to adopt a 'volume-led, price-capped' pricing strategy.
Hong Kong's office property sector also received a boost with Swire Properties and Chinachem Group planning to redevelop Sea View Building and Hoi Wan Building into a premium grade-A harbourfront office tower. The redevelopment is expected to deliver around 500,000 square feet of gross floor area, with the new development breaking ground in 2027. Hong Kong's overall prime office market saw a decrease in vacancy rate to 12.5 per cent in August.
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