Seafront Palace Phase 2 Draws Strong Market Interest as Hong Kong East's Only Major Waterfront Project in 20 Years
AM730 · 1 SOURCESabout 1 hour ago4 MIN
Summary
The September new home market is heating up, with Hong Kong East projects recording consecutive transactions. Seafront Palace (海德園), a large-scale waterfront development jointly developed by Swire Properties (1972) and China Motor (026) in Chai Wan, recorded a notable sale last weekend — a two-bedroom unit with suite measuring 573 square feet sold for over HK$10.8 million, translating to HK$18,932 per sq ft. Simultaneously, the developers have accelerated their sales drive by offering 52 units in Tower 1 via tender, with the first round now closed and market response described as positive.
Key Points
- Swire Properties and China Motor's Seafront Palace in Chai Wan is the only major waterfront residential project in Hong Kong East in the past 20 years
- Phase 2 recorded a two-bedroom-plus-suite transaction at 573 sq ft, priced over HK$10.8 million, achieving HK$18,932 per sq ft
- Tower 1 has launched 52 units for tender sale, covering two-bedroom with suite and open-kitchen units from 585 to 601 sq ft
- The project comprises 3 residential towers across two phases, offering a total of 850 units, with Phase 2 providing 258 units
- Approximately 90% of all units feature oversized panoramic windows with unobstructed Victoria Harbour views
Why It Matters
This development represents a rare addition to Hong Kong East's waterfront housing stock, where large seaside sites suitable for residential development have been extremely limited for two decades. Strong buyer interest in both open-market transactions and tender units signals continued demand for premium waterfront living in Hong Kong, even as the broader property market navigates ongoing challenges.
This development represents a rare addition to Hong Kong East's waterfront housing stock, where large seaside sites suitable for residential development have been extremely limited for two decades. Strong buyer interest in both open-market transactions and tender units signals continued demand for premium waterfront living in Hong Kong, even as the broader property market navigates ongoing challenges.