Hong Kong's property market has regained its momentum with both primary and secondary markets performing well over the past few days amid the waning fifth Covid wave in the city.

All 388 homes at Grand Mayfair I in Yuen Long on offer in the first round of sales sold out last Friday, and the remaining 327 units will be put on the market tomorrow, said the developers.

These homes were over 12 times oversubscribed after attracting more than 4,300 checks, they said.

On offer are 103 one-bedroom flats, 173 with two bedrooms, and 51 with three bedrooms, which are priced from HK$6.45 million to HK$14.91 million after discounts.

The 715-flat project is phase 1A of a 2,200-flat mega development that is being jointly developed by Sino Land (0083), K Wah International (0173) and China Overseas Land and Investment (0688).

The prices of phase 1B, which provides 805 flats, will be announced soon after the Wednesday sales, the developers said.

In Tai Kok Tsui, The Quinn Square Mile recorded at least 51 transactions as of Sunday, said the developer Henderson Land Development (0012), which cashed in nearly HK$330 million from the sales.

In Kai Tak, Henderson's project The Henley II kicks off sales of 98 homes today, including 92 on price lists and six by tenders.

The builder said it has collected over 350 checks for the 92 units on the lists, meaning the flats were more than 2.7 times oversubscribed.

Meanwhile, 10 defaulted flats at Sea to Sky, or phase eight of Lohas Park in Tseung Kwan O will be put up for sale again this Friday, said the developers CK Asset (1113) and MTR Corporation (0066).

The completed units, ranging from 468 square feet to 1,054 sq ft, are available for viewing, they said.

In the secondary market, a total of 21 deals were recorded in the 10 major housing estates over the weekend, the same as last week, and above the 20-mark for the seventh week in a row, according to Midland Realty.

Sammy Po Siu-ming, chief executive of the residential division, said the secondary transactions did not decline despite the sales of new projects, reflecting that buyers still have strong interests in the property market.

Po expects there will be around 1,500 first-hand deals this month and the overall real estate prices will bounce back as well.

The Grand Mayfair I’s first round was sold out. SING TAO

Property market on the upswing as Covid wanes