10 Major Housing Estates Record 7 Weekend Transactions, 6 Estates Report No Sales as Market Sentiment Remains Cautious
Over the past weekend, the top 10 blue-chip housing estates in Hong Kong recorded a total of 7 transactions, an increase of 1 (16.7%) compared to the previous weekend. This marks the fifth consecutive weekend with single-digit transaction volumes. Among the 10 estates, 6 reported no sales, with only Taikoo Shing (太古城), Laguna City (麗港城), Metro City (新都城), and Caribbean Coast (映灣園) recording any transactions.
According to Louis Chan Wing-kit, Vice Chairman and Head of the Residential Division at Centaline Property Agency, the housing market is currently dominated by a “wait-and-see” sentiment. The recent downturn in the financial markets and ongoing uncertainties in U.S.-China relations have made buyers more hesitant, leading to a slowdown in the secondary market. Transaction volumes remain stagnant at low levels.
On Hong Kong Island, only Taikoo Shing recorded any transactions among the three major estates. Two transactions were logged over the weekend, including a mid-level unit in Horizon Gardens Nam Tien Mansion. With a saleable area of 715 square feet, the unit features a three-bedroom layout with an en-suite master bedroom and an east-facing city view. It was sold for HK$11 million, translating to a price of HK$15,385 per square foot.
The original owner purchased the unit in February 2002 for HK$3.1 million and held the property for 22 years. Upon resale, the owner realised a profit of HK$7.9 million, with the unit appreciating by 2.5 times.
In Kowloon, Laguna City had a relatively active weekend with three transactions. One notable deal involved a high-floor unit in Tower 21, with a saleable area of 517 square feet and a two-bedroom layout overlooking the inner garden. Initially listed at HK$5.7 million, the unit was sold for HK$5.55 million, or HK$10,735 per square foot.
The owner originally purchased the unit in January 2013 for HK$5.06 million and held it for 11 years, earning a net profit of HK$490,000 upon resale.
Metro City also broke its quiet streak with a single transaction. This involved a low-floor unit in Phase 2, Tower 3, with a saleable area of 363 square feet and a two-bedroom layout. The unit was sold for HK$4.928 million, or HK$13,576 per square foot. The original owner acquired the property in 1999 for HK$1.8737 million and held it for 25 years, earning a profit of HK$3.0543 million—a 1.6-fold increase in value.
In the New Territories, Caribbean Coast recorded one transaction over the weekend. The unit, located on a low floor in Tower 2, has a saleable area of 784 square feet. It features a three-bedroom layout with an en-suite master bedroom, a storage room, and a west-facing view of the garden and swimming pool. The property was sold for HK$6.7 million, or HK$8,546 per square foot.
The original owner purchased the unit in January 2011 for HK$3.56 million and held it for 13 years, realising a profit of HK$3.14 million—a 88% increase in value.