As Hong Kong's property market continues to heat up, the executive condominium (EC) market is also seeing a new wave of price increases. Co-developers Hoi Hup Realty and Sunway Developments recently announced the selling prices of their upcoming Novo Place EC project, with 504 apartments starting at $1,298,000, with unit prices ranging from $1,489 to $1,545 per square foot. Prices are expected to end up in the range of $1,500 to $1,600 per square foot, a record high.

In addition, Sim Lian Group's EC project in Tampines is likely to push market prices further. The company recently made the highest bid of $768 per square foot for the site at 95 Tampines Street, breaking the previous land price record. With 560 new EC units expected to be launched at the site, the asking price is expected to exceed $1,700 per sq ft.

Currently, resale prices of completed EC projects such as Hundred Palms and Esparina Residences have also surpassed $1,600 psf. With the launch of the next generation of EC projects, the market demand for high quality condominiums continues to rise and more new projects are expected to be launched in the coming years.

In the next two years, Bukit Batok and Tampines will see demand for more than 4,000 condominiums and prices for EC projects will continue to climb.