Four big projects will supply up to 3,500 new homes in the Hong Kong residential market this month. The launch of the new flats which range from 500 sq ft to 3,000 sq ft is more than last month’s 1,000 new homes.
Cheung Kong Holdings will unveil the 850-unit The Beaumount in Tseung Kwan O. It will feature two- to three-bedders from 660 sq ft to 2,000 sq ft that are priced from HK$7,000 psf (S$1,116 psf).
In addition, Century Gateway at Tuen Mun is expected to begin presales this month. Jointly developed by MTR Corp and Sun Hung Kai Properties, homes at the 1,075-unit project range from 500 sq ft to 3,000 sq ft.
Over at Sha Tin, The Riverpark by New World Development and MTR Corp will offer 981 units priced between HK$9,000 psf (S$1,435 psf) and HK$13,000 psf. (S$2,073 psf).
Meanwhile, Sino Land’s Providence Peak project at Tai Po will offer 548 units ranging from 700 sq ft to 2,000 sq ft.
The Hong Kong Housing Society will also likely begin preselling units at the non-subsidised Heya Green project at Sham Shui Po.
“Purchasing power of some home buyers has already been reflected in March,” said Hong Kong Property Director Jeffrey Ng Chong-yip.
“Also, fewer units were seen available in April, which dragged down transactions,” he noted, adding that secondary transactions will likely remain flat this month. At the same time, new projects will increase primary transactions.
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