Jointly developed by New World (00017) and Wheelock Properties (00035), Kowloon East Kornhill I (Phase 1 of the Silvan Development Project) commenced its first round of sales last Saturday (the 13th), offering 201 units, of which 198 were publicly available. This round of sales attracted over 5,150 subscription applications, averaging approximately 26 applicants per unit, making it one of the most fiercely contested new developments in the Kornhill area of Kowloon East.

Kornhill I began its seven-day subscription period last Friday (the 12th) and has received over 5,150 subscription applications to date. Based on the 198 units publicly offered, the oversubscription rate exceeded 25 times, setting a record high for the first round of sales in the Kornhill area. Prices for the public offering ranged from HK$3.864 million to HK$11.22 million, with actual per square foot prices ranging from HK$16,008 to HK$20,406, averaging HK$17,721 per square foot.

Located at 2 Sing Cheong Street, Kornhill I comprises a total of 291 units ranging from 234 to 560 square feet, offering a variety of layouts from one to three bedrooms, with expected completion by August 2025.

Meanwhile, Sun Hung Kai Properties, owned by "Toy King" Francis Choi, launched Golden Bay Phase 1 The Silvan on Castle Peak Road, Ting Kau District. The project unveiled the price of its first batch of 139 units on the 8th of this month, with an average actual price per square foot of HK$9,988. As of now, the project has attracted over 2,600 subscription applications, resulting in an oversubscription rate exceeding 17 times.

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In addition, other developers are actively promoting remaining inventory. For example, Build King Property's Riviera 48 on Tuen Mun Ching Cheung Road recently offered over 45% price discounts on its final 33 one-bedroom units, with prices starting from HK$9,800 per square foot. Director of Investment and Sales at Build King Property Group, Zheng Zhirong, stated that following the price adjustment, over 1,500 customers have visited demonstration units, with plans to announce sales arrangements soon and commence sales within this month.

Furthermore, Lai Sun Development (00488), in collaboration with the Housing Authority, developed the Kwun Tong Bal Residence project, with owners gradually moving in and a total of 76 units sold. The project has 80 units remaining for sale, including the currently tendered Unit C on the 29th floor, with an actual area of 793 square feet and an additional 464 square feet of private rooftop. Vice President of Lai Sun Development, Pan Ruimin, stated that similar units have an actual price per square foot close to HK$20,000.

Regarding Lai Sun Development's residential project in Tai Hang, Yuen Long, scheduled for completion by the end of December this year, it will provide a total of 112 units, including various layouts from one to two bedrooms. Pan Ruimin disclosed that the project plans to officially commence sales in the fourth quarter of this year.

Lastly, the existing house villa project Shuang Yue on Lok Chui Street, Tuen Mun, unexpectedly released its sales documents last Friday. The project, privately held by members of the Fung family of Vanke International (00129), comprises only two buildings, offering a total of 7,682 and 7,695 square feet four-bedroom units.