In this round of property market prosperity, the joint venture between Wheelock Properties and MTR Corporation in Tseung Kwan O, known as the Ocean Pride, Phase 12, has begun preparations and has been officially named, indicating that it is ready for launch. This is a key project for the group in Tseung Kwan O. The project is divided into three phases of development, providing a total of 1,985 units, with the first phase expected to offer 650 units.
In addition, the Blue Coast, the third phase of the Wong Chuk Hang Station Railway Development Project, a collaboration between Cheung Kong Holdings and MTR Corporation, has been named and features 1,200 units, with pricing expected to be announced soon. Henderson Land's Belgravia Place in Cheung Sha Wan became the first new project to quickly sell out upon launch, achieving remarkable sales performance, and its redevelopment project, Yuen Lin, is also set to be launched soon, offering 122 units.
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Furthermore, other projects such as Phase 5 of The Leighton Hill and Kitec Horizon Cove are also actively preparing and are expected to meet buyers soon.
Industry insiders point out that stimulated by the government's withdrawal of property market regulations, market transaction volumes have sharply increased, and new property launches no longer rely on low-price strategies to attract buyers but are offered at market prices.
The new property market was particularly hot last weekend, recording over 400 transactions in just two days. Even excluding the 138 units launched by Henderson Land's Belgravia Place, the remaining unsold units reached a transaction volume of 300 units, demonstrating that the long-accumulated purchasing power in the market is being unleashed. This rapid turnover indicates robust buying demand, and developers are actively seizing opportunities to accelerate property launches.
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New projects that have been postponed due to factors such as the pandemic and interest rates are also beginning to capture market share, with developers accelerating their pace of property launches in hopes of success in this wave of enthusiasm.
Market attention is also gradually focusing on New World Development's high-end waterfront residential project, "Horizon Cove" in Kowloon East. The project is divided into two phases, offering 439 units, and has already uploaded sales brochures, with bidding documents expected to be released in the near future.
Experts predict that with the surge in market transactions, developers will no longer need to attract buyers with low prices, and new launches will be closer to market prices. Despite the continued active transactions in the property market, market conditions may remain relatively stable in terms of pricing due to factors such as interest rates and remaining unit inventory. In this wave of enthusiasm, developers are striving to seize opportunities and hope to share in the prosperity of the property market.
