New Home Sales Surge 9-Fold After Fed Rate Cut | HK Weekend Property Market Recap

Following recent interest rate cuts, major developers have kept prices low to stay competitive in the crowded new property market. This approach has effectively revitalised the market. For example, One Jardine’s Lookout in Happy Valley successfully sold all 85 units in its first batch. Following this, 18 more units were immediately put on the market.
Another major project that supported the weekend market was The Yoho Hub II in Yuen Long. Over the weekend, 120 units were offered for sale, with around 115 units sold. The developer reported that on Saturday, the first day of sales, three large-scale buyers were recorded. The biggest buyer spent over HK$21 million to purchase two three-bedroom units. As a result, the developer quickly raised prices and launched an additional 94 units.
Additionally, the developer’s Cullinan Sky project in Kai Tak launched 122 new units over the weekend.
Meanwhile, The Pavilia Forest’s Phase Two project is launching 155 units, with discounted prices ranging from HK$4.275 million to HK$10.869 million. The average discounted price per square foot is around about HK$19,200, about 7% higher than the first batch of The Pavilia Forest Phase 3 launched two months ago.
Even with new launches priced low and staying near recent lows, the second-hand market remains under pressure. leaving little room for higher-priced listings in the short term.
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