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Prospective buyers in Hong Kong's real estate sector may have an abundance of options as certain property developers unveil housing units at price levels comparable to those observed five years ago. These developers aim to secure sales prior to anticipated increases in interest rates and housing supply. To stimulate sales, developers are going a step further by offering incentives such as mortgage discounts, as well as dining and travel vouchers for luxurious destinations like the Maldives.
Last week, Henderson Land Development announced its plans to release the initial group of 148 residential units in the Henley Park development located in Kai Tak. These units will be offered at an average price of HK$21,088 (US$2,694) per square foot after applying discounts. However, the company has not yet specified the exact date for the commencement of sales. According to local experts, this pricing is 15 percent lower compared to the remaining inventory of new homes in the Kai Tak district.
Grand Ming Group announced the pricing of 30 residential units in The Grands, a 76-unit development located in To Kwa Wan. These units will be offered at an average discounted price of HK$18,526 per square foot. Notably, 24 of these flats will be available for purchase at prices below HK$5 million. The starting price of HK$3.79 million for a 231 sq ft unit is the most affordable among new projects in Kowloon this year. It is also more than 10 percent cheaper compared to nearby new releases from the previous year.
Hip Shing Hong (Holdings) announced the pricing of the first set of 50 units in the Oria development, which consists of 156 units in Shau Kei Wan. These units will be offered at an average price of HK$23,042 per square foot after applying discounts. This price is the most affordable for a new project on Hong Kong Island since 2018.
Centaline has announced that the first 10 buyers who are medical professionals and their families for the mentioned project will receive travel vouchers totaling HK$1.28 million. Midland Realty and Henderson, on the other hand, are offering dining vouchers worth a combined total of HK$120,000 to the initial six buyers of four different projects, including The Holborn in Sai Wan Ho. Additionally, Hong Kong Property Services has disclosed that five buyers of The Knightsbridge in Kai Tak will be awarded travel vouchers for the Maldives, amounting to approximately HK$680,000. The development is being carried out by a consortium that includes China Overseas and Henderson.
These marketing efforts by the developers come in response to a decline in new home sales in May, which dropped by 38 percent and reached a three-month low of 942 units, as reported by Ricacorp Properties. Despite this, the agency anticipates a recovery in transactions to surpass 1,000 units this month. Following a 15 percent decline in home prices in 2022, developers are persisting in reducing prices, according to Chan from Centaline.
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