RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Home sales soared 50% to 7,822 units in March

Centra Horizon in Pak Shek Kok sold 70% of its 295 units on the first day of its launch.

Monthly home sales jumped 50% MoM to 7,822 units in March due to a notable improvement in primary transaction volumes, a report by JLL revealed.

Mass residential capital values edged up 2.9% MoM in April after the milder 1.1% growth recorded in March. This is said to be the strongest growth recorded since March 2017.

“The recovery in buying sentiment amongst buyers continued, with Centra Horizon in Pak Shek Kok, developed by Billion Development, selling out around 70% of the 295 units launched on the first day of the project’s launch,” Denis Ma, head of research at JLL Hong Kong, noted.

In the luxury segment, notable transactions included two houses at Mont Rouge on Beacon Hill in Shek Kip Mei selling for $235m each, roughly translating to $85,572 psf, and setting a record high in the vicinity in terms of unit price.

JLL also noted that the LOHAS Park Package Eleven Property Development tendered by MTRC was awarded to a consortium comprising Sino Land, K. Wah International and China Merchants Land. “The project will provide no more than 1,850 units upon completion in 2025,” Ma said.

Meanwhile, Lai Sun Development won an Urban Renewal Authority (URA) tender at the Hang On Street redevelopment project for $883m that could yield 138 residential units. 

Photo from Centra Horizon.

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