Wheelock Properties sold 120 units of the first batch of 368 units on offer at Seasons Place on Saturday.

Hong Kong developer Wheelock Properties has priced a first batch of 130 units at its Seasons Place residential project in Tseung Kwan O at a five-year low for the district.

Hong Kong’s luxury property segment is showing signs of a revival, with mainland buyers returning to the market. Analysts expect developers to ramp up supply amid increasing demand and lower rates ahead.

Buyers snapped up nearly 60 per cent of 165 units on offer at the Phoenext project in Wong Tai Sin, while shunning more expensive flats at KT Marina.

Rebates serve as a price-adjustment tool for property developers under existing industry regulation, according to JLL Hong Kong’s Joseph Tsang.

At least a dozen of those companies that preceded the 1903 birth year of the South China Morning Post remain to this day.

The government’s first land tender of the financial year has fetched the lowest price for Hong Kong Island since June 2002 and is more than 25 per cent lower than prices seen in November.

The first government land tender of this financial year ended up attracting far fewer bids than expected as the prospect of further interest rate hikes and new housing supply dimmed the outlook for Hong Kong’s property market.

Ren Zhe, who was recently granted a visa under Hong Kong’s Top Talent Pass Scheme, will display some 30 stainless-steel sculptures based on martial arts novelist Jin Yong’s characters next March.

Homebuyers snapped up at least 103 of 138 flats at Koko Mare on Saturday, as the reopening of Hong Kong’s economy and other positive developments boost purchasing sentiments.

Hong Kong homebuyers steered clear of 111 flats on offer at Wheelock Properties ’s development at Kai Tak, the first project to be launched there since the government announced plans to build temporary housing units on the site of the city’s former airport.

Wheelock Properties sold nearly all the units in the second batch of flats at its Koko Rosso project in Lam Tin, despite raising the average price since the last round of sales in February.

Hong Kong developer Wheelock Properties sold 110 units out of the 148 on offer as of 10pm at its Koko Rosso project on Friday.

Wheelock has priced the first batch of 88 units in Koko Rosso at HK$17,973 (US$2,290) per square foot, with the sale likely to start in end-February.

The awards, jointly organised by DHL and the Post since 1990, is unique in getting previous winners to adjudicate on the eligibility of the current year’s contenders.

Authorities have given the greenlight to three housing projects under a pilot scheme launched by former chief executive Carrie Lam in 2019.

As of 7pm only two out of 139 units on offer at the development on the site of Hong Kong’s former airport had been sold, according to Sammy Po of Midland Realty.

Only about 30 per cent, or 41 of the 137 flats on sale at Miami Quay in Kai Tak have been sold, according to agents.

The average price of second-hand homes have fallen in Hong Kong, as a resurgent Covid-19 outbreak – and the quarantine rules to contain it – has driven the city into a technical recession.

Homebuyers in the city flocked to buy flats on offer this weekend at Sun Hung Kai’s Novo Land project in Tuen Mun, reflecting a pre-emptive move against an expected rise in prime rate.

Launch prices at the runway site have been pressured after the government dropped its plan to build a monorail link there in 2020.

Wharf Reic, which is controlled by tycoon Peter Woo Kwong-ching, expects to slip into an interim loss as the value of its investment properties has suffered under poor business conditions.

The lukewarm response was in stark contrast to Friday’s bumper sale at Grand Mayfair in Yuen Long, where more than 90 per cent of 428 flats on offer were snapped up.

Buyers snapped up about a quarter of the 112 units at Wheelock’s Monaco Marine residential project in Kai Tak within an hour of the launch on Thursday.

An estimated 70 per cent of customers bought for their own use, with investors making up the remainder of the purchases, bolstering confidence in the market’s buying power, agents said.

Sino Land and Wheelock both priced hundreds of new flats roughly 12 per cent below comparable projects launched last year, as restrictions that made house sales all-but impossible are loosened.

Wheelock Properties priced the first 112 units at Monaco Marine in Kai Tak at an average HK$24,833 (US$3,167) per sq ft, 12 per cent below a development sold in the same area last summer.

The expected releases would mark the busiest quarter in nine months, as the ebb and flow of the Covid-19 disease sent the world’s most expensive residential property market into bouts of activity and torpor.

Hong Kong developer Wheelock Properties expects to shrug off headwinds and remains optimistic about the city’s home prices recovering 5 per cent this year if Covid-19 eases.