In the Wong Tai Sin district of Hong Kong, the Hui Ming development achieved significant success in its first round of sales last Saturday, becoming the best-performing highlight among new projects in the urban area over the past five months. Out of a total of 165 units, 96 were sold on the first day, achieving a sales rate of 58%, with a total sales amount exceeding HKD 4.8 billion. Faced with such robust sales, the developer, Henderson Land Development (01243), plans to continue launching new units.
The first batch of listed units at Hui Ming ranges from open layouts to two-bedroom options, with a starting price of HKD 3.388 million. The lively scene at the sales office shows not only active selection by family buyers but also a influx of investors into the market. Some investors invested approximately HKD 8 million to purchase two units, with one of them intending to use the units for investment.
According to Hui Ming's transaction records, the 96 units sold on the first day had prices ranging from HKD 3.485 million to HKD 7.059 million, resulting in a total sales amount of HKD 483 million. The sales rate of 58% is second only to the Oi Tung Estate I under Cheung Kong in August last year, which sold 95% of its units in the first round, setting a recent high for sales rates among new projects in the urban area.
Cheng Tak-yun, Executive Director of Henderson Land Development, expressed great satisfaction with Hui Ming's sales performance and is considering accelerating the pace of new unit releases based on market response. Stanley Chan, Senior Manager of Business and Marketing at Henderson Land Development, revealed that 75% of buyers in the first round of sales chose the "Home Ownership Staircase Shared Payment Plan," indicating a high acceptance of the plan by applicants for subsidized housing, public housing tenants, and redevelopment tenants. Buyers entering the market through the "Talent Payment Plan" accounted for 18%.
Apart from Hui Ming, other developments have also achieved impressive sales results. House 2 of Bel-Air On The Peak in Pok Fu Lam was sold for HKD 180 million last Saturday. The practical area of this house is 4,389 square feet, and the outdoor space includes a platform, garden, and rooftop, with a selling price per square foot reaching HKD 41,012. To date, a total of 10 units in this development have been sold, generating around HKD 792 million.
Harbour Glitter Bay, a joint project of Sino Land (00083) and Henderson Land Development in southwest Kowloon, also performed well last weekend, selling two three-bedroom units for a total value of HKD 52.58 million. One of the units, located on the 23rd floor of Block 1 of Harbour Glitter Bay I, was sold for HKD 31.88 million, with an average price per square foot of HKD 33,629. Looking at the overall sales situation of new developments over the past weekend, a total of 111 transactions were recorded in the primary market, an increase of 95 transactions from the previous weekend, marking a 5.9-fold increase and setting a new high for the recent four weekends.
At the same time, Agile Property (00129) made a move at Hui Du I in Hung Shui Kiu, Yuen Long. They recently released another 63 units with a disguised price reduction and plan to officially announce the second round of sales on Wednesday, with a total of 125 units, including the newly released Unit A10 on the 1st floor of Block 2. This unit has an area of 327 square feet, is a one-bedroom unit, and has a discounted selling price of HKD 3.397 million, with a discounted price per square foot reaching HKD 10,388.
