On October 10, Yuexiu Property launched the first sales round of The Atlas Phase I (擎海I) in Yau Tong, instantly clearing all 200 price-list units within eight hours while attracting 39,810 registered bids.
The Bottom Line
- Instant Clearance: All 200 price-list units sold out by late afternoon, backed by an oversubscription rate of 198 times.
- Heavyweight Buying: Group A buyers targeting multi-unit purchases cleared 87 units, highlighted by a single buyer spending HK$27 million on four properties.
- Aggressive Pricing: Discounted starting prices at HK$13,008 per square foot set a ten-year low for new developments in the Kowloon urban district.
Record Registration Volumes and Strong First-Round Absorption
The development at the corner of Tung Yuen Street and Sung On Street—historically the site of the Yuexiu Cold Storage warehouse, which cleared a HK$1.346 billion land premium in November 2023—drew massive market attention. According to Yuexiu Property General Manager Li Ga, final audits of the subscription books confirmed 39,810 total registrations, with Group A recording 9,526 bids and Group B accounting for 30,284 bids. That volume created an oversubscription rate of 198 times for the initial 200 flats, positioning the project among the top four most heavily registered new residential launches in Hong Kong history.
Sales commenced at 9:00 a.m. with Group A, which prioritized large-scale buyers seeking multiple units. That segment encompassed 87 designated flats and wrapped up in roughly four and a half hours. By 1:00 p.m., those 87 units were fully accounted for, generating over HK$514 million in transaction proceeds. General Manager Li Ga noted that the largest single transaction involved a buyer acquiring three two-bedroom apartments and one one-bedroom layout for HK$27 million. A second major investor secured a combination of one- and two-bedroom units for HK$22.6 million.
Pricing Strategy and Floor-Plan Distribution
The developer deployed an aggressive pricing structure late last month to secure liquidity, offering discounts of up to 18%. The initial batch of 200 price-list units featured usable areas ranging from 285 to 503 square feet, with discounted prices spanning from HK$3.759 million to HK$7.801 million. Discounted unit rates ran between HK$13,008 and HK$15,538 per square foot, averaging HK$14,211 per square foot across the release.
| Metric | Details |
|---|---|
| Total Units Sold (First Round) | 200 price-list units (plus 20 via tender) |
| Subscription Registrations | 39,810 bids (198x oversubscribed) |
| Discounted Price Range | HK$3.759 million to HK$7.801 million |
| Discounted Unit Rate | HK$13,008 to HK$15,538 per square foot |
| Lowest Entry Unit | Tower 3, 3rd Floor, Room E (289 sq. ft., HK$3.759 million) |
The lowest-priced entry property was Room E on the third floor of Tower 3, a 289-square-foot one-bedroom flat priced at HK$3.759 million, translating to HK$13,008 per square foot. The highest-priced flat was Room J on the 30th floor of Tower 3, a 502-square-foot two-bedroom layout that achieved HK$7.801 million, or HK$15,538 per square foot. The broader development spans three phases totaling 1,339 units, with Phase I comprising 617 homes across Towers 3 and 5 scheduled for completion by December 2028.
Buyer Demographics and Investment Yields
Agency representatives on site offered divergent views on the ratio of end-users versus investors, while confirming active participation from multi-unit buyers. Centaline Property Agency Kowloon Director Liu Yinglin reported that her agency helped close 13 separate multi-unit transactions in the Group A1 session, with customers typically securing two properties—often executing a dual strategy of retaining one unit for personal residence and leasing out the other. Centaline noted that overall attendance reached high levels, with local end-users accounting for 70% of demand.
Conversely, Midland Realty Senior Director Po Shing-ming observed an investor allocation, pointing to low entry thresholds that drew younger buyers alongside long-term landlords. Midland projected that upon completion, monthly rentals could achieve HK$55 per square foot, translating to an estimated rental yield of approximately 4.5%. Meanwhile, Ricacorp Properties East Kowloon Senior Divisional Director Kwok Wun-yan confirmed that his team also secured multiple cross-buyer transactions involving four units per customer, reinforcing strong absorption across both smaller one-bedroom formats and mid-tier two-bedroom configurations.
