Hong Kong home sales outlook firm even as demand ebbs at Tseung Kwan O project
Developers prioritise sales continuity, keeping pricing close to prevailing secondary market levels to ensure consistent absorption
While Hong Kong developers have accelerated project launches following the Easter holiday, primary home sales are settling into a measured phase following an earlier surge in demand.
The shift is evident at La Mirabelle I in Tseung Kwan O, where Sino Land and its partners released a third batch of units on Sunday. Buyers snapped up 71 of the 261 units on offer, pointing to less urgent demand than in earlier rounds.
The latest batch comprises 33 one-bedroom units, 178 two-bedroom units and 50 two-bedroom units with a third room described as a study. With discounts of up to 15 per cent, prices range from HK$5.73 million (US$731,704) to HK$9.5 million, with per-square-foot prices between HK$15,335 and HK$19,613.
With demand holding up and mainland Chinese buyers remaining active, primary transaction volumes in the second quarter were expected to remain firm, though at a more stable pace as the market transitions out of its initial rebound phase, according to Centaline Property.
Midland Realty’s senior director Sammy Po described the pace at La Mirabelle on Sunday as “normal,” with full-day sales expected to reach around 70 units.
“Much of the initial demand had already been absorbed in earlier rounds, particularly from buyers seeking more attractive units,” Po said.