At the start of May, Hong Kong's property market welcomed several highly anticipated new launches, with up to six new projects expected to debut this month, totaling nearly 2000 units. These projects span across Hong Kong Island, Kowloon, and the New Territories, covering everything from small and medium-sized units to luxury homes, catering to a variety of buyer needs including first-time homebuyers, those looking to upgrade, and investors.
Several projects have already made early market entries this month, drawing widespread attention. CITIC Pacific's Jun Yu·Jardine's Lookout at 135 Tai Hang Road, after opening its show unit last week, unexpectedly announced its sales arrangement. The first batch of 78 units was launched via tender, sparking significant market interest.
Simultaneously, the Pak Wai Sun project on Kai Tak Shing Fuk Street, a collaboration between New World and Far East Consortium, was officially named last week and is expected to launch this month. The project is divided into three phases, with the first phase planned to offer 291 units ranging from one to three bedrooms to meet the needs of different families.
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Capital Strategy's new project, Gao Lin, performed impressively in its first round of sales last Friday, selling over 80 units on the day. Following this, the developer launched another batch of 40 units yesterday, covering one to three-bedroom layouts, with the discounted average price per square foot maintained at HK$21,134, consistent with the second batch. The developer stated that this was a release at the original price, with units' discounted selling prices ranging from HK$4.967 million to HK$4.501 million, and price per square foot ranging from HK$18,000 to HK$25,485. Gao Lin sold 87 units in last Friday's first round of sales, accounting for 79% of the units offered, including a connected platform special unit sold via tender at a price per square foot of HK$29,000. The project plans its second round of sales this Friday (10th), involving 44 units.
Additionally, Henderson Land's Tai Po Ying Lin project and the Cheung Sha Wan ready-built project Ying An, a collaboration between Hong Kong Ferry and the Urban Renewal Authority, are also expected to launch this month. These two projects are offering 122 units and more, mainly one and two-bedroom configurations, and are anticipated to be the dark horses of the market this month.
The Kennedy Town project under Shanghai Commercial Bank, expected to offer about 173 units, will reveal whether it will launch this month at today's press conference. Meanwhile, Shao Ming, CEO of Midland Realty's residential division, noted that the new project atmosphere remains buoyant, with new project transaction volumes expected to reach 1500 to 1700. However, given the high interest rates and the Federal Reserve's current stance against cutting rates, new projects are expected to adopt a lower pricing strategy to attract buyers.
These newly launched property projects not only provide a variety of residential options but also reflect the vibrancy of the Hong Kong real estate market. From luxury homes to practical small units, the diverse configurations aim to meet the needs of different homebuyers. Whether they are first-time buyers, families seeking to upgrade, or investors, these new launches offer quality choices that meet their requirements.
