The first phase of Golden Bay, a residential project by Sunrise International Development, led by toy tycoon Tsai Chih Ming, sold out on the first day of its launch on Saturday (July 20). This successful sale spurred transactions of 14 other existing units in Tuen Mun, with a total of 14 properties sold.
The NOVO LAND Phase 3B project by Sun Hung Kai Properties (00016) in Tuen Mun achieved 10 transactions over the past two days, becoming the most active project in the area. According to market sources, one group of buyers spent HK$16,932,200 to acquire two units in this development.
The Feiyang Phase 1 project in Tuen Mun District 55, a collaboration between Changshi Properties (01113) and Sun Hung Kai Properties, sold two 18th-floor E units on Saturday. These units, each with a usable area of 722 square feet, are south-facing three-bedroom units with one parking space, selling for HK$10,205,000 each, translating to a price of HK$14,134 per square foot. According to Changshi's Assistant Manager, Yang Guiling, the buyer was a local resident looking to upgrade their home. After viewing Feiyang’s completed units, they preferred the environment and amenities, leading to an immediate purchase decision.
Luxury new developments also performed well. The Kowloon East Kai Tak Runway Area project, Yun Jing, developed in collaboration between China Resources Land (Overseas) and Poly Property (00119), recorded two transactions on Saturday. Two groups of buyers acquired four-bedroom units, with prices ranging from HK$75,735,000 to HK$78,650,800, totaling over HK$308 million.
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Kerry Properties (00683) developed the super-luxury residence, The Peak, located at 3 Longju Road, Kowloon. On Saturday, three underground A units were sold, each with a usable area of 4,176 square feet, four-bedroom layout, and a 2,041 square foot garden, including one parking space, for HK$180,000,000, translating to HK$43,103 per square foot.
Market observers note that the strong performance in the primary property market is attributed to several factors. Firstly, some developers have introduced attractive promotional offers, stimulating buyer interest. Secondly, the market's optimistic outlook on future property prices encourages buyers to enter the market in the current relatively stable environment.
Additionally, improved economic conditions and a rebound in consumer confidence have further driven the real estate market's development. Particularly in Tuen Mun, an emerging development area, its advantageous location and comprehensive amenities have attracted significant buyer interest.
The continued heat in the luxury property market also reflects strong demand from high-net-worth individuals for premium properties. High-end properties not only offer good investment value but also provide a comfortable living environment and exceptional quality of life.
Looking ahead, with increasing market demand and the launch of new projects, Hong Kong's primary property market is expected to remain active. However, the market also faces challenges such as rising interest rates and changes in the macroeconomic environment, which may impact housing demand.
