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In a strategic move to rekindle buyer interest, developers in Hong Kong are ramping up the release of residential units in the coming weeks.
This initiative comes on the heels of new government policy incentives believed to be positively influencing demand within the property market.
China Vanke is set to disclose the pricing details for its Le Mont project in Tai Po this week.
Concurrently, Sun Hung Kai Properties (SHKP) plans to launch the sale of the first units at its Yoho West Parkside development in Tin Shui Wai.
Additional developers including Henderson Land Development, Wang On Properties, and Kerry Properties are also preparing to re-enter the market this week.
The trio reported a remarkable sale of 352 flats over the weekend, marking the most successful period for new home sales in four months.
This sales surge follows Financial Secretary Paul Chan Mo-po’s recent budget announcement, which included a significant reduction in stamp duties for smaller flats.
The latest sales figures offer a promising sign for Hong Kong’s residential market, especially after a previous recovery, supported by more accessible mortgage terms introduced in October, began to slow.
A substantial rebound in Hong Kong’s stock market, valued at US$5.9 trillion, has further bolstered buyer confidence, allowing potential homeowners to overlook rising concerns surrounding interest rates and ongoing US-China trade tensions.
Quincy Chow Ming-hei, managing director at Vanke Hong Kong, expressed optimism about the market’s direction, stating, “More than 70 percent of the Le Mont project consists of small and medium-sized flats, and the overall economic environment has gradually recovered. The property market will be steady in the future.”
The initial phase of Le Mont is set to offer 403 flats with sizes ranging from 241 sq ft to 961 sq ft, including a mix of studios, one, two, three, and even four-bedroom units.
SHKP is also gearing up for its launch, with the first 128 units at Yoho West Parkside hitting the market on Wednesday.
Approximately 119 of these units will be priced at an average of HK$11,103 per square foot, featuring a combination of unit types from one-bedroom to three-bedroom configurations.
The flats will vary in size from 303 sq ft to 679 sq ft, with prices starting at HK$3.02 million (approximately US$388,300) and going up to HK$10.7 million after discounts.
In comments on the current market climate, Lui Ting, deputy managing director at SHKP, noted, “The stock market atmosphere is warming up. Historically, the stock market usually rebounds first, which is subsequently followed by a lift in the property market.”
With property sales beginning to rise, Lui expressed confidence in the outlook.
As part of the recent fiscal updates, Finance Secretary Chan has significantly lowered stamp duties on mass-market homes from HK$60,000 to just HK$100 for homes valued up to HK$4 million.
This adjustment elevates the eligibility threshold from HK$3 million, allowing more potential homebuyers to benefit from reduced fees.
In another impressive weekend, Henderson Land Development successfully sold all 181 units in its Eight Southpark project in Kowloon, according to property agents.
Wang On Properties also reported strong demand, where 55 out of 60 units in their Coasto project in Ap Lei Chau were snapped up.
Kerry Properties sold 116 of the 121 units available in their Hava project in Yuen Long.
Looking ahead, an additional 123 units at Hava will be available on Thursday, with the last 23 units at Coasto going on sale on Wednesday.
Henderson Land has hinted at a price increase for the next batch of flats in the Eight Southpark project.
As the market continues to show signs of recovery, these developments signal a renewed confidence among both developers and potential homebuyers in Hong Kong.
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