The latest data from the Land Registry reveals a slowdown in Hong Kong's presale property market over the past three months.

In the most recent month, only one presale property application was approved, which came from Emperor Group's project at 1 Hung To Road, involving 123 units. This marks a 91% decline compared to the previous month and represents the lowest level in the past three months.

Similarly, in September, only one presale residential project received approval. This project, launched by Sun Hung Kai Properties, is the first phase of Tuen Mun's Tuen Yung Station, offering 1,393 units. This represents a 53.5% decrease compared to the previous month and also sets a new low for the past three months.

While the number of presale property approvals has continued to decline in the last two months, nearly 1,400 units were still approved in September. This has increased the total number of units in newly approved but unsold projects (both private and public) from over 17,300 units in August to over 18,000 units in September.

When considering private residential projects (excluding first-hand residential and subsidised sale flats), the total number of units in September is close to 16,000 units, an increase of nearly 5% compared to August.

However, the decline in the number of new applications for presale properties has been more significant. With the cancellation of the presale application for 8 Greenhill Terrace in Tuen Mun, the cumulative number of pending presale properties decreased from 16,195 units in August to 14,845 units in September, representing a monthly decrease of about 8.3%. This marks the fourth consecutive monthly decrease and sets a new low since October 2021.

In terms of new development sales, Sun Hung Kai Properties successfully auctioned two houses at their Yun Suen project in Ma On Shan, attracting buyers with extended payment terms. The two houses, located at Plumeria Avenue 5 and Camellia Avenue 5, have areas of 3,089 square feet and 2,681 square feet, each with gardens of 1,310 square feet and 696 square feet. They were sold for HKD 69.5025 million and HKD 52.219 million, equivalent to HKD 22,500 and HKD 19,477 per square foot, respectively.

Additionally, Cheung Kong's Tuen Mun project, Mayfair by the Sea, recorded two transactions yesterday, including a 241-square-foot unit on the 3rd floor, C Room, with a special platform, which sold for HKD 6.2 million, at a rate of HKD 25,726 per square foot."

Please note that the figures mentioned in the article are in Hong Kong dollars (HKD).