To stimulate buyer interest, many new property developments in Hong Kong are offering attractive purchase incentives or directly reducing prices for remaining units, with discounts ranging from 3.4% to 15%. These strategies have brought about a certain level of market revival. For example, this month, ONE SOHO in Mong Kok sold 13 units, while Bal Residence in Kwun Tong, Yuu Hou in Yuen Long, and V City 1 in Kai Tak also achieved commendable sales performance.

For the property market, the adjustments seen over the past year have continued into the new year. ONE SOHO, a project jointly developed by Sino Group, Chuang's Consortium, and the Urban Renewal Authority, recently released a new price list, increasing the discount from 14.5% to 23.5%, equivalent to an effective 9% price reduction. This strategy has successfully stimulated demand, with the project selling 13 units so far this month, quickly catching up to the 16 units sold after the price reduction last month.

Another example is Bal Residence in Kwun Tong, a project developed in collaboration between Chinachem and the Urban Renewal Authority. After multiple price reductions, the project lowered the prices of 10 units again at the beginning of this month, with a reduction of approximately 10%. The cumulative reduction for these units reached 15.3% to 18%, and being an existing project, the price reduction effect is significant. Seven units have been sold this month, realizing over HKD 35 million.

Yuu Hou in Yuen Long is a project by Chinachem Group. At the beginning of this month, additional discounts were offered for specific 15 units, effectively promoting a discounted sale and attracting many buyers. So far, 7 units have been sold, with transaction prices ranging from HKD 4.9652 million to HKD 6.5613 million. The developer further provided additional discounts for specific units, such as Unit G on the 9th floor and Unit Q on the 11th floor, with the new prices taking effect on the 21st.

V City 1 in Kai Tak is a project by China Overseas Land & Investment. Since offering an additional discount of 3.5% to 8.5% for specific units in November last year, the sales momentum has remained strong. As of this month, the project has sold 6 units, realizing over HKD 65 million. Since the price reduction in November, over 60 units have been sold, with transactions exceeding HKD 700 million. Additionally, Hoi Yan Court in Tseung Kwan O, developed by K&K Property, has also sold 9 units this month.

With the property market gaining traction, PARK YOHO Napoli under New World Development has adjusted its selling prices in line with market trends. The newly launched price list, after a maximum discount of 13% and furniture incentives, has brought the effective average price per square foot down to HKD 13,755, a 23% reduction compared to the price list three years ago, with an effective average price per square foot of HKD 17,909.

Moreover, developers are offering additional incentives for buyers, including stamp duty giveaways of up to 7.5% of the unit price and various rebates. It is expected that discounts for some units could reach up to 30%. The project is set to be released for sale on Friday on a first-come, first-served basis.

Despite the government's introduction of the "cooling measures" policy in last year's Policy Address, stimulating sales of new and resale properties in both the primary and secondary markets, the overall property market is still affected by uncertainty about interest rate hikes.

The market generally believes that the interest rate hike cycle has reached its peak, but the timing of rate cuts remains uncertain, maintaining a cautious market sentiment. Faced with this situation, the discount strategies of new property developments have brought confidence to buyers. The industry believes that with the right strategy, there is still room for discounts in the tail-end inventory in the future.