The discounted strategy has become the preferred choice for many developers who are attracting more homebuyers by lowering prices. For example, Sun Hung Kai Properties launched discounted leftover units at PARK YOHO Napoli in Kam Tin, Yuen Long, with prices slashed by over 20%. The latest transaction was Unit C on the 2nd floor of Block 21B, covering an area of 487 square feet with two bedrooms, transacting at HKD 6.5154 million, at a rate of HKD 13,379 per square foot. New World Development also sold three units at The Capitol I in Hung Hom last weekend, two of which were sold at a significant discount.
It is worth noting that approximately half of the units sold in the market are from discounted sales. Last weekend, about 24 new units were sold, an increase from the 16 transactions in the first weekend of the month, and 15 of them were from discounted properties, accounting for 63% of the total transactions. This trend is continuing to spread in the market, indicating that discounted sales have become a new highlight in the Hong Kong property market.
On the other hand, premium locations and projects continue to be favored by homebuyers. For example, Henderson Land, Wheelock, China Merchants Land, and MTR jointly developed The Capitol III recently announced its first transaction of the year. The unit on the 30th floor of Block 3A, covering an area of 719 square feet with three bedrooms, was sold for HKD 13.037 million, with an average rate of HKD 18,132 per square foot.
In addition, Hysan Development's V Causeway Bay also recorded its first transaction of the year yesterday. Unit C on the 8th floor of Block 2A, a two-bedroom unit covering an area of 593 square feet, was transacted at HKD 17.8596 million, at an impressive rate of HKD 30,117 per square foot. These figures indicate that there are still many strong consumers in the Hong Kong property market who are willing to pay a premium for high-quality properties.
Furthermore, despite the overall market turbulence, recent data from the past few weeks suggests that vitality still exists in the Hong Kong property market. While the transaction volume last weekend was lower than the previous week's 100 units sold in the new development in Wong Tai Sin, it showed an improvement compared to the 16 transactions in the first weekend of the month. This suggests that vitality still exists in the Hong Kong property market, especially with premium locations and projects continuing to be favored by homebuyers.
