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Railway Deck Projects Drive Real Estate Market Rebound
Apr 29, 2024
Railway Deck Projects Drive Real Estate Market Rebound Hong Kong
By   Internet
  • City News
  • Railway Deck Properties
  • Hong Kong Real Estate Market
  • New Development Sales
Abstract: Despite a decrease in new development sales from March to April, railway deck projects remain a major driving force in the market, with new developments in other regions also showing positive trends.

Following the government's complete withdrawal of real estate market control measures, the property market began to rebound. However, after setting a record of over 4,100 units sold in new developments in March, sales cooled down in April. According to statistics, as of April 28, this month's new development sales were approximately 1,750 units, a reduction of about 60% compared to March. Despite the overall sales decline, railway deck projects remain the market focus, accounting for over 50% of total sales with more than 930 units sold.


Cheung Kong's Blue Coast project at Wong Chuk Hang Station emerged as the sales champion of the month, selling over 550 units. Cheung Kong's South Island Phase 3 at Wong Chuk Hang Station sold over 540 units within just 8 days, reaching a cumulative sales figure of more than 550 units and setting the record for the highest sales of a single new development this year. This project led Cheung Kong to become the "top seller" of the month.


Railway Deck Projects Drive Real Estate Market Rebound

Internet


In other regions, Eagle Properties' The Longmont project at Ho Man Tin Station quickly sold out all 260 units in its first round, becoming the month's second-highest selling new development. Henderson Land's PARK SEASONS project in Tseung Kwan O sold over 120 units this month. The combined sales of these three railway deck projects exceeded 930 units, accounting for over 50% of the total sales for the month.


Sales of new developments in the Kai Tak area also performed well. A joint venture between China Resources Land (Overseas) and Poly Real Estate developed the project Marina South, which tentatively sold 53 units this month, cashing in over HK$1.31 billion, making it the best-performing new development among non-comprehensive projects. Henderson's existing building project HENLEY PARK in the same area saw a sharp rise in sales, with 44 units sold, bringing in over HK$355 million.


Other projects in Kai Tak also had notable performances. Harbour Glory tentatively sold 38 units this month, cashing in over HK$440 million, while The Coronation successfully sold 12 units, cashing in an impressive HK$800 million. Henderson Land, together with Henderson Development, China Overseas, China Minmetals, New World, and Empire Group, developed the projects TIAN LAI and MONACO, which tentatively sold 16 and 14 units, respectively.

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Railway Deck Projects Drive Real Estate Market Rebound
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