Top 10 Housing Estates Log Only 5 Deals Over Weekend as New Projects Outshine Resale Market
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
The 10 major housing estates in Hong Kong recorded only 5 transactions over the weekend of September 12-13, marking a 25% increase from the previous weekend, according to Centaline Property data. Market attention remains firmly fixed on the new development market, where recent project launches offer net prices below market value, significantly undercutting the resale market. Six of the 10 monitored estates recorded one transaction each, while the number of estates with zero deals fell to four. Centaline Property's Deputy Chairman for Asia Pacific highlighted that new projects' widespread inventory across districts continues to attract buyers seeking better value.
Key Points
- Weekend transactions at the 10 major estates totaled 5 deals, up 1 transaction or 25% from the previous weekend
- Four estates recorded zero transactions: Kornhill, South Horizons, City One and Shatin City One
- New developments offer net prices below market rates, making them more attractive than secondary market properties
- Taikoo Shing recorded 1 deal: High Floor Unit C at Koon Tin Court, 680 sq ft saleable area, sold for HK$13 million
- A Mei Foo San Tsuen 3-bedroom unit held for 30 years sold for HK$6.75 million, generating a profit of HK$4.75 million
Why It Matters
The continued dominance of new developments over the secondary market signals a structural shift in Hong Kong's residential property landscape. With new project inventory distributed across multiple districts and priced competitively, secondary market sellers face mounting pressure to adjust expectations. This divergence could have lasting implications for property valuation models and investment strategies in Hong Kong's famously tight housing market .
The continued dominance of new developments over the secondary market signals a structural shift in Hong Kong's residential property landscape. With new project inventory distributed across multiple districts and priced competitively, secondary market sellers face mounting pressure to adjust expectations. This divergence could have lasting implications for property valuation models and investment strategies in Hong Kong's famously tight housing market .