In "Hong Kong Property," Centaline's Chen Zhonghao predicts that the first round of sales for The Peak will be sold out today, with major clients planning to spend up to approximately HKD 18 million to purchase three rental units

Sun Hung Kai Properties (00083.HK) has partnered with China Overseas Land & Investment (00688.HK) and K. WAH INT'L (00173.HK) to develop the project "Polaris III" on Jinsong Road, which today (21st) launched its first round of sale for 138 units. Centaline Property's Senior Director of New Territories West, Chan Chung Ho, stated that "Polaris III" is located at Jinsong Road Station, with excellent transportation links, and benefits from the government's accelerated development of the Northern Metropolis and Northern Link. With the project launched at attractive prices, it has successfully drawn a large number of users and investors, and today marks the official first round of sales, with buyers actively attending to select units, expecting strong sales performance that could sell out on the same day. It is believed that the developer will take advantage of this momentum to launch more units in the short term.

Chan Chung Ho mentioned that the project primarily targets one-bedroom and two-bedroom units, catering to the needs of young first-time buyers and families, as well as long-term rental tenants. Among the Centaline clients attending today, users accounted for 70% to 75%, while investors made up about 25% to 30%. Based on the rental performance of the recently completed Polaris I and II, it is expected that "Polaris III" will achieve a rental price of over HKD 40 per square foot, with rental yields estimated at nearly 4%. The firm recorded 4 to 5 groups of major clients attending today, with one group planning to spend approximately HKD 17 million to HKD 18 million to purchase three units for rental purposes.

Looking ahead, Chan Chung Ho stated that as of yesterday in October, the primary market has recorded about 1,019 transactions, and the latest Centaline City Leading Index announced last Friday (17th) reached a new high in over a year. The market is optimistic about the potential for another interest rate cut by the U.S. at the end of this month, while fluctuations in the external geopolitical and economic environment have made properties a safe-haven asset. New developments are actively coming to market, with prices remaining restrained, creating a vibrant atmosphere in the property market. It is expected that the total number of primary transactions in October could reach 2,000. So far this year, the cumulative number of primary transactions has recorded about 16,000, surpassing last year's total for the entire year, and it is anticipated that the total number of primary transactions this year could reach 20,000, setting a six-year high