Hong Kong’s Red Harbour Project Sells Out 218 Units in One Day, Generating Over HK$1.6 Billion in Sales

Hong Kong’s residential property market demonstrated strong demand on April 25, 2026, as the first phase of the One Victoria Cove development in Hung Hom sold out all 218 units immediately upon launch.

The project, jointly developed by Henderson Land Development, Hysan Development, and Empire Group, saw brisk sales that contributed to a broader trend of developers clearing inventory amid shrinking supply in the private residential sector.

According to the Rating and Valuation Department, completions of new private residential units are projected to decline by 8 percent in 2026 compared to the previous year, falling to an estimated 16,975 units from 18,448 completed in 2025.

< p>This downward trend in supply is expected to continue into 2027, with completions forecasted to decrease further to 15,362 units.

< p>The sell-out at One Victoria Cove Phase I followed a pattern observed across multiple developments launched over the weekend, where a total of 562 units were made available and strong buyer interest was reported.

< p>At the Pavilia Farm III development atop Tai Wai station in Sha Tin, a joint venture by New World Development and MTR Corporation, all 75 units were also sold by 6 p.m. On the same day.

< p>Industry analysts attribute the robust demand to a combination of low interest rates, stable financial conditions, and sustained purchasing power, which are expected to support a 15 percent increase in property prices for the year.

< p>In 2025, Hong Kong’s residential sales reached a four-year high with 62,832 units transacted, according to the Land Registry, while second-hand unit prices rose by 3.63 percent over the year as reported by the Rating and Valuation Department.

< p>The One Victoria Cove project is located in the Hung Hom district and represents a significant addition to the private housing supply in a market where new completions are diminishing.