According to the latest announcement by the Land Registry, the Hong Kong property market exhibited remarkable activity last month. It was reported that there was a notable increase in the approval of presale consent letters for four new private residential projects, covering over 4,200 units, marking a 1.5-fold increase from the previous month, and this figure set a new high in nearly two years. This indicates the recovery and vibrancy of the Hong Kong property market, attracting widespread attention from the market.
Among them, Cheung Kong Group launched the first home ownership scheme in Anderson Road, Kwun Tong, providing up to 2,926 units, becoming the focus of the month. One of the reasons why this project attracted attention is that Cheung Kong Group successfully won the bid for this project since 2020, at a price of approximately HK$4.951 billion, with its scale and geographical location being highly anticipated in the market.
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In addition, the over-station development project in Wong Chuk Hang Station - Phase 5 of the South Island Line by New World Group in collaboration with multiple partners, is also accelerating preparations, planning to provide 825 units, which is of great significance in alleviating the pressure on housing supply in Hong Kong.
In addition to the above two projects, the subsidized sale housing project Phase 2 at 72 Pak Wo Road in Fanling and Phase 1 of Wheelock Properties' project in Ko Tong, Sheung Shui, have also submitted applications for presale consent. Overall, a total of five projects submitted applications for presale consent last month, reflecting developers' confidence in the market and their expectations for future demand.
The presale volume of these private residential projects has once again refreshed the monthly record highs of nearly two years, reflecting the vibrancy and development potential of the Hong Kong property market. According to the analysis by Liu Jiahui, Chief Analyst at Midland Realty, the number of units awaiting approval for presale has reached 14,019, an increase of 52% from the previous month, indicating that the development of new properties in the Hong Kong property market is in a continuous boom, and market demand remains strong.
