Hong Kong Island’s New Development in 2017

Mar 29 2017

29 March 2017 - According to JLL’s Property Market Monitor in March, home sales have increased by 24.1% in February month-over-month. In addition to this, residential capital values i.e. home prices in Hong Kong also rose by 1.0% in February, overtaking September 2015 as the highest on record.1 The price surge occurred despite cooling measures instituted by the Hong Kong Government which took place in the form of the tighter mortgage loan-to-value-ratios and the introduction of Ad Valorem Stamp Duty.

New Developments

With an expected 5,000 new flats ready for launch in the first quarter of 2017,2 property developers have readily released new projects both in direct response to positive market sentiment and to address the pent up demand within the primary market. Referencing recent examples, Sun Hung Kai Properties, Cheung Kong Property and Wheelock Properties have all released units for their respective developments (Cullinan West, Seanorama and Monterey) on to the market during the week of 13th March. These are valued at an average price range of HK$14,368 to HK$18,951 per square foot and are located on Kowloon side. Looking to Hong Kong Island in particular, OKAY.com lists the most highly anticipated new developments that are up for release below:

New Development	Property Developer	Address	Completion / Estimated Material Date	Further Information
Victoria Harbour	Sun Hung Kai Properties	133 Java Road, North Point	June 2017	http://www.victoriaharbour.com.hk
Mount Nicholson	Wheelock Properties	8 Mount Nicholson Road, The Peak	Tender Period for Phase II 17th March 2017	http://www.mountnicholson.com.hk/en_US/intro/
Lime Gala	Sun Hung Kai Properties	393 Shau Kei Wan Road, Shau Kei Wan	15th August 2018	http://www.limegala.hk/en/
Bohemian House	New World Development	321 Des Voeux Road West, Sai Ying Pun & Sheung Wan	March 2017	http://www.bohemianhouse.com.hk/
Alassio	Swire Properties	100 Caine Road, Mid-Levels - West	31st May 2017	http://www.alassio.com.hk/
Island Garden	Nan Fung Group	33 Chai Wan Road, Shau Kei Wan	31st January 2019	http://www.islandgarden.com.hk
The Morgan	Phoenix Property Investors	31 Conduit Road, Mid-Levels West	On the market since November 2016	http://www.themorgan.hk/
Wellesley	Henderson Land Development	23 Robinson Road, Mid-levels West	7th October 2018	http://www.wellesley.com.hk/
Marina South	China Overseas	8 Ap Lei Chau Drive, Aberdeen & Ap Lei Chau	On the market since December 2016 (latest tender period 15th March)	http://www.marina-south.hk/
Parker 33	Henderson Land Development	33 Shing On Road, Sai Wan Ho	31st March 2017	http://www.parker33.com.hk
One Prestige	Henderson Land Development	1 Yuet Yuen Street, North Point	2018	http://www.oneprestige.com.hk
Harbour Glory	Cheung Kong Property	32 City Garden Road, North Point	31st March 2019	http://www.harbourglory.com.hk/mobile/index.html
Jones Hive	Henderson Land Development	No.8 Jones Street, Causeway Bay	31st July 2017	http://www.joneshive.com.hk

Based on the information above, a high number of anticipated new developments on Hong Kong Island are located in North Point and Mid-Levels. Shau Kei Wan as a district is also host to several new projects, as is Sai Wan Ho. In terms of tender periods, the roll out of new units usually takes place in stages, with each phase of the respective new developments being released incrementally for sale to the public. Consult each property’s official page for information regarding current sales arrangements.

1 http://www.jll.com.hk/hong-kong/en-gb/Research/Research-monitor-hk-2017-03.pdf?3a4e8245-ed1f-4b88-bfc5-2625a2be400d

2 http://www.scmp.com/property/hong-kong-china/article/2058911/hong-kong-property-set-become-buyers-market-first-quarter