Although the softness in the second-hand property market has had a certain impact on the overall private residential market, this year's registration of private residential units is estimated to be around 36,700 units and is likely to set a new low for the second consecutive year, with the total annual registration expected to reach only 39,000 units.

Recently, the successive hot sales of YOHO WEST in Tin Shui Wai have brought some vitality to the property market in December. The first-hand market recorded approximately 768 transactions this month, a 36% increase from the previous month, marking the third consecutive month of increasing transaction volume. This has also driven this year's new project transactions to surpass the 10,000-unit mark, reaching a total of 10,139 units.

In this year's first-hand property market, the new projects in the New Territories have attracted significant attention. The NOVO LAND series developed by New World Development has sold nearly 1,198 units, accounting for approximately 11.8% of the annual first-hand transaction volume. Following closely are the University Hill series in Tai Po and the Yau Tong Proximity Station series under Cheung Kong Holdings, with a combined sale of 3,122 units, representing about one-third of the total new project transaction volume during the same period.

Overall, despite the recovery in new project transactions, the sluggishness in the second-hand market has made it difficult for the overall registration of private residential units to resume growth. According to data from Knight Frank's research department, as of December 11th, the annual registration is expected to reach a 27-year low since 1996.

The industry expects that the annual registration of first-hand private residential units will increase by about 5% to 9,516 units, while second-hand registrations are expected to decrease by 6% to about 28,500 units. Chen Chaoguo of First Pacific Davis noted that traditional developers are sensitive to market changes, actively reducing prices for promotion, while second-hand property owners are relatively passive and have not been able to effectively attract buyers.

It is worth mentioning that Ping Chau Jade Bay No.1, developed by New World Development, has performed well recently. Just yesterday, the project sold two consecutive sea-view garden villas, totaling HKD 58 million.

Each villa has a practical area of ​​1,686 square feet, and the transaction price is HKD 17,200 per square foot. Jade Bay No.1 has a total of 40 unique units, ranging from 2 to 4 bedrooms, with a practical area ranging from 423 to 1,686 square feet. According to Chen Siyuan, the project was originally planned as a rental property, but due to continuous customer inquiries, it was ultimately decided to switch to sales.