According to the latest data released by the Lands Department, the pre-sale boom in Hong Kong's property market continues to heat up, with the number of properties approved for pre-sale in October hitting a 22-year high of 5,521 units, the highest level since November 2002, and an increase of 3,888 units, or 2.4 times, over the previous month.

Among these projects, LOHAS Park Phase 13 in Tseung Kwan O was the most notable. Jointly developed by Sino, K. Wah, Kerry and China Merchants Land, the project is planned to be launched in two phases, offering a total of 2,550 units, making it the largest approved project. Close behind is Vanke's new development at Ma Wo Road, Tai Po, with Phases 2 and 3 offering a total of 1,247 units.

Two major projects were also approved in the Kai Tak district, including Victoria Blossom Phase 1 at CKI Kai Tak, offering 307 units.

Kwok Tze-wai of CKI's sales department said that the project's promotion is already under active preparation and will be one of the key projects to be promoted next year.

The project, which enjoys magnificent sea views of Victoria Harbour and is surrounded by excellent facilities including Metro Park and the soon-to-be-opened Kai Tak Sports Park, is expected to be priced at a similar level to the neighboring sea-view properties.

Meanwhile, SHKP's Tianxi - Tian Di Phase 2 was also approved, offering 584 units.

However, no new pre-sale applications were submitted in October, which is the third time this year that there were “zero applications”. As of the end of last month, there are still 20 properties in Hong Kong pending approval, involving 12,350 units, a drop of 31% compared to last month.

At the same time, the data of the Rating and Valuation Department showed that in October, the number of completed private residential units in Hong Kong was 3,715, an increase of more than 1.8 times compared with the previous month, which is the largest single-month increase since November last year.

In the first 10 months of this year, the cumulative number of private residential completions in Hong Kong reached 14,636, a year-on-year increase of about 38.5%, which is close to the full-year forecast of 65.7%.