Real estate market up as Covid wanes

Aiden He

Hong Kong’s property market has regained momentum, with both the primary and secondary markets performing well in recent days amid the waning fifth wave of Covid in the city.

The 388 homes in Grand Mayfair I in Yuen Long offered in the first round of sales sold out last Friday, and the remaining 327 units will go on the market tomorrow, developers said.

These homes were more than 12 times oversubscribed after attracting more than 4,300 checks, they said.

The offer includes 103 one-bedroom, 173 two-bedroom and 51 three-bedroom apartments, ranging in price from HK$6.45 million to HK$14.91 million after discounts.

The 715 apartment project is Phase 1A of a 2,200 apartment mega development which is being jointly developed by Sino Land (0083), K Wah International (0173) and China Overseas Land and Investment (0688).

Prices for Phase 1B, which includes 805 apartments, will be announced shortly after Wednesday’s sales, developers said.

In Tai Kok Tsui, the Quinn Square Mile saw at least 51 transactions on Sunday, said developer Henderson Land Development (0012), which took in nearly HK$330 million from sales.

In Kai Tak, Henderson’s project, The Henley II, launches the sale of 98 homes today, 92 of which are on price lists and six by tender.

The builder said it collected more than 350 checks for the 92 units on the listings, meaning the apartments were more than 2.7 times oversubscribed.

Meanwhile, 10 apartments in default at Sea to Sky, or phase eight of Lohas Park in Tseung Kwan O, will go on sale again this Friday, developers CK Asset (1113) and MTR Corporation (0066) said.

Completed units, ranging from 468 square feet to 1,054 square feet, are available for viewing, they said.

In the secondary market, a total of 21 transactions were recorded in the top 10 subdivisions over the weekend, similar to last week, and above the 20 mark for the seventh week in a row, according to Midland Realty.

Sammy Po Siu-ming, general manager of the residential division, said secondary transactions have not declined despite sales of new projects, reflecting that buyers still have strong interests in the real estate market.

Po expects there to be around 1,500 first-hand transactions this month and that overall property prices will also rebound.