The One Park Place development in Yau Tong has attracted strong demand, with 110 units sold soon after launch following discounts of up to 15 percent from developers Sino Land, CSI Properties, and MTR. This occurs amid expectations of interest rate cuts and rising demand, signaling hopes for market recovery in 2026. The sale, originally set for November 28, was postponed due to a deadly fire in Tai Po's Wang Fuk Court.
The One Park Place residential project in Yau Tong launched on Saturday and quickly gained traction, with flats priced between HK$4.23 million (US$543,684) and HK$9.51 million. Developers Sino Land, CSI Properties, and MTR Corporation offered discounts of up to 15 percent to attract buyers. As of 6.45 pm, 110 units had been sold, according to Sino Land. This surge in homebuying interest followed New World Development's sell-out of all 63 units at its Austin Bohemian project in Yau Ma Tei on Friday.
"The units appeared to be attractive not only to residents who wanted to own them for self-use, but buyers looking to own them for investment purposes," said Sammy Po Siu-ming, senior director at Midland Realty. "Since the rent is estimated at HK$50 per sq foot per month, the annualised investment return could reach 4 per cent." Po noted that one Midland client spent HK$25 million to buy five units.
The One Park Place flats were originally scheduled for offer on November 28, two days after a deadly fire broke out in the Wang Fuk Court residential complex in Tai Po, but developers postponed the sale as the city focused on rescue and relief operations. The event highlights resilience in Hong Kong's property market, with expectations of interest rate cuts and declining inventory pointing to recovery hopes in 2026.
