The recent launch of the Wong Tai Sin Wai Ming project by Henderson Land performed well in sales during its first weekend, offering a total of 230 residential units. Hang Lung's project on the Bataan Street in Cheung Sha Wan is expected to offer the largest number of units in the market, with a planned 730 residential units. The project mainly provides 1-bedroom and 2-bedroom units and is located near last year's popular development, The Amalfi by K&K Property.

Hopewell Holdings' project on Spring Garden Lane in Wan Chai is also scheduled to be launched this quarter, offering 88 residential units. Positioned as a boutique luxury residence, the project is the first in Hopewell's new luxury series, W Bespoke Collection.

Another highly anticipated new project is the "Elize PARK" by Luk Fook Group, set to be launched in Mong Kok. The project plans a total of 52 residential units, with unit sizes ranging from 240 to 440 square feet. There are 15 units of 1-bedroom apartments with sizes between 240 and 245 square feet, 28 units of 2-bedroom apartments with sizes ranging from 325 to 345 square feet, and 9 special units with sizes between 220 and 440 square feet. The project's key completion date is set for June 30, 2024.

Developers have revealed that the sales gallery and show units for "Elize PARK" are nearing completion, with plans to commence the first round of sales before the Chinese New Year. The pricing for the project will reference the market prices of new developments in the same area.

However, attracting buyers has become a key challenge as the Hong Kong property market enters a downturn. Vincent Cheuk, Managing Director of Hong Liang Consultancy & Valuation, noted that the pricing of new developments needs to be below market value to attract buyers, especially in Kowloon, where a price per square foot below HKD 17,000 to HKD 18,000 would be more competitively priced. On Hong Kong Island, the price per square foot is around HKD 23,000. Developers are offering incentives such as extended payment periods and high discounts to attract buyers.

Furthermore, industry insiders also suggest that developers need to focus on the quality and design of their products, creating offerings that meet market demand. In the current competitive market, attracting buyers through advantages such as additional facilities, services, and convenience is also seen as a viable strategy.