Ma Tai-yung: Fo Kwong Street site sold at high premium, property market enters new upward trend

A luxury residential site on Fo Kwong Street in Ho Man Tin was secured by a major developer for $4.3 billion, with the price nearly 40 per cent above the upper end of market estimates, setting a new record for the highest gross floor area price on the land sale list in Kowloon in nearly 5 years. Ma Tai-yung said the flour price far exceeding expectations reflects developers' views on core luxury residential districts. Following the announcement, second-hand owners in the same district immediately withdrew listings and raised prices, establishing a signal that the property market is returning to an upward trend.