New properties over $50 million sold in January, 37 units sold for over $3.2 billion
Jan 29, 2023
Hong Kong
By   Internet
  • City News
  • New property sales
  • property market
  • property transactions
Abstract: The new luxury property market is heating up after the Hong Kong-China border crossing.

According to Centaline Property's Register of First-hand Residential Properties for Sale, at least 37 large transactions (priced at $50 million or above) involving over $3.2 billion were recorded in Hong Kong in January.


The number of transactions at the $100 million level has increased by more than three times, demonstrating the power of clearance.


With the Mainland and Hong Kong relaxing their anti-epidemic measures and implementing customs clearance, the community is gradually on the road to recovery, which is great news for the property market, with super luxury properties taking off first.


In the first half of December, the first-hand market recorded only about 4 large transactions until the news of customs clearance in the middle of the month, which boosted the number of large transactions to about 14 for the whole month of December, up more than 50% from about 9 in November.


 As January progressed, the first-hand luxury property market heated up with the official customs clearance of the two places, resulting in a surge of large transactions, large lots and topping-out deals.


As at 26 January, the number of large transactions in the first-hand market has increased to about 37, a 1.6-fold increase month-on-month, and accounted for about 8% of the total first-hand transactions this month, with a total value of over $3.2 billion.


It is worth noting that more than 70% of the large transactions this month occurred only after the customs clearance between Hong Kong and China on 8 January.


In terms of volume and value, Kai Tak King, a joint venture between China Resources Land (Overseas) and Poly Real Estate, was the most outstanding property, with 22 units sold in January, generating over $1.3 billion in cash, including 11 units costing over $50 million, making it the hottest new luxury property sold during the month.


Among them, Unit A on the 23rd floor of Block 1, with a saleable area of 2,088 square feet, was sold for $105.572 million with two car parking spaces at $50,561 per square foot, another record price for the estate and the runway area.