HK Top 10 Housing Estate Sales Hit 27-Week Low
The top 10 housing estates in Hong Kong recorded only five transactions over the past weekend, marking a 16.7% week-on-week decline. This is the third consecutive week of decline and represents a new 27-week low. Among the 10 estates, seven reported no transactions. Only Taikoo Shing, Mei Foo Sun Chuen, and Kingswood Villas saw any activity.
According to Louis Chan Wing-kit, Centaline Property’s executive director, the Christmas and New Year holiday season is a peak period for residents traveling abroad. As a result, property viewings have dropped significantly, inevitably stalling the pace of secondhand property transactions. Chan expects market activity to improve only after the holiday season ends.
On Hong Kong Island, Taikoo Shing was the only estate among the three key estates to record transactions this weekend. It saw three deals, including one facilitated by Centaline Property for a mid-floor unit (Unit D, Hoi Tien Mansion). The unit, with a usable area of 759 square feet, features a three-bedroom layout with a master suite, faces southeast, and offers a garden view. Initially listed at HK$12.7 million last month, it was sold for HK$12.38 million, translating to a per-square-foot price of HK$16,311.
The original owner had purchased the unit firsthand in 1986 for HK$805,000, holding the property for 38 years. The sale yielded a paper profit of HK$11.575 million, with the property appreciating 14 times during that period.
In Kowloon, Mei Foo Sun Chuen registered one transaction over the weekend. The unit sold was located on the mid-floor of Block 103, Broadway Street, Phase 4. The property, with a usable area of 666 square feet, was originally a three-bedroom layout but was converted into two bedrooms. It faces an inner street with an east-southeast orientation. The unit was initially listed at HK$6.5 million but sold for HK$6.08 million after a price reduction of HK$420,000, translating to a per-square-foot price of HK$9,129.
The original owner had bought the property in April 2014 for HK$5.8 million and held it for 10 years. The recent sale yielded a paper profit of HK$280,000.
Meanwhile, transactions at Kingswood Villas had stalled since late December, but the estate finally recorded one deal over the weekend. The unit sold was a low-floor unit (Unit D, Block 9, Lynwood Court) with a usable area of 547 square feet and a three-bedroom layout. The property was sold for HK$4.09 million, translating to a per-square-foot price of HK$7,477.
The original owner had purchased the unit in October 2006 for HK$1.09 million. This sale generated a paper profit of HK$3 million, with the property's value increasing by over 2.7 times in 18 years.