The new phase 2 of "Grand Jeté", a large-scale low-density residential development in a luxury residential area of Tuen Mun, is being developed by two leading developers, Cheung Kong Holdings and Sun Hung Kai Properties, and has attracted much attention from the market since its debut.

In line with the developer's sales plan, Centaline Property has opened the first Grand Jeté Phase 2 flagship shop in Sham Tseng and held a grand opening ceremony today (8 March). Mr. Chan Chung Ho, Senior Sales Director of Centaline Property for Tuen Mun, Tin Shui Wai, Yuen Long, Sham Tseng and Castle Peak Road, and Mr. Tam Fan Wing, Senior Sales Director of Centaline Property for Sham Tseng and Castle Peak Road, officiated the ribbon-cutting ceremony.

Mr. Tam Fan-wing, Senior Sales Director of Centaline Property in Sham Tseng and Castle Peak Road, officiated at the ribbon-cutting ceremony to wish the new phase 2 of "Grand Jeté" another successful opening and continued success of Centaline's elite team.

Mr. Chan Wing Kit, Chief Executive Officer of Centaline Property's Residential Division, said that the property market has clearly rebounded since the customs clearance, coupled with the good news that interest rate hikes have slowed down, the Budget has lowered the stamp duty bands for small and medium-sized properties, and Hong Kong has officially lifted the muzzle order, signifying a full recovery of the property market.

In fact, the property market has seen a rise in prices and volumes this year. In March, the market heated up further, especially for small and medium priced properties, which benefited from the Government's reduction in the stamp duty band for first home purchases, resulting in more active transactions for both first-hand and second-hand properties.

The first-hand market, for example, has recorded around 665 transactions in March, with the first eight days of sales reaching over 70% of last month's figure.

The Centaline City Leading Index (CCL), which reflects secondary property prices, has rebounded from its low of 164.23 points, a new 16-week high, and has rebounded by about 5% from its low.

Centaline Property's Senior Senior Sales Director for Tuen Mun, Tin Shui Wai, Yuen Long, Sham Tseng and Castle Peak Road, Mr Chan Chung Ho, said the market has picked up and transactions of small and medium-sized flats are very active, especially one- and two-bedroom flats, which are most popular among car buyers.

According to Centaline's Research Department, the number of second-hand private residential registrations for the first two months of this year accounted for 84% of all registrations, up from 80% in 2022, and the proportion of small and medium-sized flat transactions is expected to rise further as a result of the reduction in stamp duty for first-time buyers.

According to Mr Chan, Grand Jeté is a one-bedroom and two-bedroom property, which is one of the most sought-after categories in the market. The first phase of the sale earlier attracted a large number of fresh buyers. About half of the Centaline customers are car buyers and families from the same district.

This time, 90% of the units in Phase 2 are one-bedroom and two-bedroom units. With reference to the price list of Phase 1, 62% of the units are available for sale at less than $6 million, and there are even options below $4 million. The sale is expected to be very strong.

In fact, Phase 2 has a number of selling points: low density design, double landscaping, half of the units facing south-east and south-west, a large green clubhouse of 1.12 million square feet, a curved arrangement, a high degree of privacy and a more open view, the upper level units in the south-east have a view of Sunny Bay sea, the two-bedroom units are all "terrace kitchen" design, which is extremely high quality and rare in the market. Tuen Mun is at the heart of the Golden Triangle, meaning Central, Qianhai, Shenzhen and Hengqin, Zhuhai, and has been the focus of market attention as it benefits from the integration of Hong Kong and the Greater Bay Area.

Centaline is confident in the second phase of "Grand Jeté" and has recently received a large number of enquiries from customers at its branches in various districts.