The number of new property transactions in Hong Kong has increased significantly, and in particular, the number of large-scale transactions with a sale price exceeding $50 million has also been on the rise. At the same time, the proportion of specialists entering the market has risen, and the growth in transactions involving high-priced new developments has been particularly notable. Major developers have been launching new developments and the pace of sales has accelerated significantly.
Related to this was a rise in the proportion of professionals entering the market under the "waive the levy before applying the tax" policy, with a particularly significant increase in transactions involving new developments priced at $50 million or more.
Among them, the University Court project in Mid-Levels West, launched by Chinachem, fetched the highest transaction price. A 3,237-square-foot flat with a usable area of 3,237 square feet, equipped with four bedrooms and a 2,827-square-foot rooftop, was sold for more than $254 million, at a price of $78,560 per square foot.
Another project is SHKP's Tsim Sha Tsui Kowloon Station Tianxi Royal Diamond. Flat B on the 81st floor, with a usable area of 1,545 sq ft, 4-bedrooms and 763 sq ft rooftop, was sold for over $156 million and priced at around $101,500 per sq ft, breaking the record of flat size price for the project and hitting a new record high for the first-hand sub-division level of the development in Kowloon.
Following the relaxation of the Government's property market policy, major developers in Hong Kong have launched new developments, including Kai Tak Kai Tak Bay Phase 1, Aberdeen Clarity, Goodwill Woods in Ho Man Tin, and Hiu Pak Fung in Cheung Sha Wan, with a significantly accelerated sales rate.
Based on the number of transactions, NOVO LAND Phase 2A in Tuen Mun of SHKP had the highest sales volume in the past month, with a total of 88 units sold at prices ranging from $3,436,900 to $10,059,900, generating a total revenue of over $507 million.
In this regard, CUHK's Associate Professor of Economics, Mr Chong Tai-mei, believes that due to the abundant supply of new flats and higher interest rates, first-hand flats may show a trend of "rising volume and hard to bounce back" in the short term, and that prices will not have a chance to rebound until next year when the interest rate reduction policy is implemented.
In addition, China Overseas' Kai Tak Harbourfront 1, Sino Land and Wheelock Properties' South West Kowloon Harbourfront III also recorded good transaction performance. Among them, the transaction prices were $16.564 million and $27.880 million, with the selling prices per square foot at $19,020 and $28,536 respectively.
