Hong Kong homebuyers snap up a third of 500 flats offered by five developers in city’s biggest weekend sale since September
- Henderson Land sold out all 50 flats on offer at its Caine Hill development within five hours after sales started
- Four other residential property projects received less interest on Saturday because many homebuyers are after the newest flats in the market
Hong Kong homebuyers snapped up 145 flats of nearly 500 units offered by five major developers as of 6pm on Saturday, marking the city’s biggest weekend sale since September in terms of number of flats up for grabs.
Caine Hill has a total of 187 units, including studio units measuring from 190 square feet, one-bedroom flats from 277 sq ft and a two-bedroom flat with rooftop at 446 sq ft. Sale prices ranged from HK$5.42 million to HK$8.69 million per unit, with the average cost per square foot at HK$28,780.
“A lot of homebuyers are interested in Caine Hill because it’s a new offering and the project’s location is close to the heart of the city,” said Sammy Po Siu-ming, chief executive at Midland Realty’s residential division. “The price is affordable for young homebuyers and it also attracted investors because rental income in the area can reach 3.5 per cent.”
Four other residential projects attracted less buyers on Saturday, according to Po, because homebuyers are more keen to acquire the newest flats on the market.
The 130 flats on offer range from one-bedroom units to three-bedroom flats, with sizes from 320 to 770 sq ft. These were priced between HK$7.73 million and HK$18.49 million, or an average of HK$22,600 per square foot.
The 312 flats on sale ranged from studio to two-bedroom units, with sizes from 203 sq ft to 428 sq ft. These were priced between HK$4.29 million and HK$9.06 million, or an average cost of HK$22,601 per square foot.
The sales results on Saturday put Hong Kong on track to reaching a record 1,500 transactions in December, which could take the full-year tally to 18,000 units.
“The property market remains solid because liquidity in the market is strong,” Midland Realty’s Po said. “Expectations over the reopening of Hong Kong’s border with the mainland have also helped boost demand. We expect this trend to continue.”
Flats at El Futuro, scheduled for completion in March 2023, are priced between HK$7.62 million and HK$27.64 million, or HK$15,599 to HK$22,537 per sq ft. These units measure from 484 sq ft to 1,226 sq ft.
