Why analysts are putting their hopes of home sales rebound on Heya Crystal launch

The 350-unit development is a silver lining.

According to Barclays, developers only sold 35 units last weekend, with the majority coming from inventory of Long Beach and Redhill Peninsula, which sold 12 and 10 units respectively. During the week, Ultima also sold six units. 

While there have only been a few actual sales by developers in the past two weeks, the situation may improve soon with the Housing Society’s Heya Crystal selling this coming weekend.

The 350-unit Heya Crystal in Cheung Sha Wan released pricing for 200 units in two price lists on 16 and 17 July respectively. Altogether, on a blended basis, these 200 units carry a headline ASP of HK$14,132psf and an effective ASP of HK$12,719psf after 10% discount.

The project undercuts the secondary market by 4-10% as comparables such as Heya Green and AquaMarine are selling at HK$13,280psf and 14,077psf respectively. Due to its competitive pricing, Heya Crystal saw strong demand with 2,650 indications of interest received so far.

Other launches that may soon be available also include 321-unit Stars by the Harbour and 275-unit Heya Aqua.