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Hong Kong Property Market Welcomes Policy Favorable Adjustments
Mar 4, 2024
Hong Kong Property Market Welcomes Policy Favorable Adjustments Hong Kong
By   Internet
  • City News
  • Hong Kong Property Market
  • Property Sales Boom
  • Hong Kong Property
Abstract: According to the latest updates, Hong Kong's property market has experienced a surge in activity following the government's announcement of the cancellation of the special stamp duty.

During the first weekend, there was a significant increase in transaction activities in the Hong Kong property market, with several new developments achieving remarkable sales figures. Wing Tai Properties' Belgravia Place in Cheung Sha Wan sold all 138 units in a single day, setting a new record and also boosting sales at The Pavilia Hill in the same district, with 31 units sold on the same day.


In addition to the Cheung Sha Wan area, the Stars by The Harbourside project in Sha Tin also conducted a new round of sales yesterday, offering a total of 93 units, of which 77 were sold, making it one of the best-selling projects of the weekend.


Driven by the policy adjustments, other developments under Wing Tai Properties have also benefited greatly. BAKER CIRCLE.GREENWICH in Hung Hom sold 20 units yesterday, totaling 27 units over the weekend; THE HOLBORN in Quarry Bay sold 14 units in a single day, with transaction prices ranging from HK$4.7439 million to HK$6.2308 million, with an average price per square foot ranging from HK$20,898 to HK$24,628.


Furthermore, The Leo in Mong Kok and The Leo in West Mid-Levels each sold 1 unit and 2 units, respectively; CAINE HILL in Mid-Levels sold 3 units yesterday, with one buyer reportedly purchasing units for over HK$21 million in total.


Hong Kong Property Market Welcomes Policy Favorable Adjustments

Internet


The enthusiasm for the Stars by The Harbourside project in Sha Tin continues to soar, with 77 units sold on the day of the new price list release, demonstrating strong market interest in the project. According to market sources, there were over a hundred prospective buyers actively subscribing before the sales launch, with one buyer even purchasing 3 units with 27 rooms for HK$27.8 million, showing great enthusiasm from major buyers for the land.


In addition, The Glen in Tseung Kwan O sold about 17 units over the weekend, with the largest transaction being a 2-bedroom unit of 428 square feet, sold for HK$7.469 million, with a unit price of HK$17,451. V City 1 in Kai Tak sold 12 units in a single day, including a 3-bedroom unit of 643 square feet, sold for HK$13.947 million, with an average unit price of HK$21,691. The Jervois in Wong Chuk Hang, located above the MTR station, saw 8 units sold over the past weekend, with one 2-bedroom unit of 572 square feet sold for HK$15.949 million, with a unit price as high as HK$27,883, boasting views of Mount Davis and Deep Water Bay.


During the first weekend following the announcement of the budget, the atmosphere in Hong Kong's property market has significantly heated up. Helen Fung, Sales Director of Huamou Group, stated that several luxury residential projects under the group, such as "Jade One" in Ho Man Tin, "The University Tower" in Mid-Levels, "Victoria Coast" and "The Palisades" in Pok Fu Lam, recorded 3 transactions in just 4 days and attracted over a thousand visitors. One of the units, Unit A on the 27th floor of Block 1B in "Jade One.Skyline," a 960-square-foot 3-bedroom unit, was sold for HK$32.0144 million, at HK$33,348 per square foot, once again proving the strong demand in the luxury property market.

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Hong Kong Property Market Welcomes Policy Favorable Adjustments
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