Amid largest property sale in two years, Hongkongers snap up bargain flats in New Territories
- With 666 flats for sale on Saturday, Hong Kong saw the most units for sale in a single weekend in two years
- Henderson Land launched 318 units at One Innovale-Archway while SHKP had 348 units available at Novo Land 1A, with flats starting at around HK$3 million
The first weekend of August recorded the largest weekend property sale in Hong Kong in two years, with 666 units split between two projects hitting the market on Saturday, marking the most units for sale in a single drop since 814 units went on sale in September 2020.
Henderson Land launched 318 units at One Innovale-Archway, in Fanling, selling 102 of the units within the first two hours. Just one unit was left by 5pm, according to property agents. The 310 sq ft one-bedroom flats sold out first, according to Thomas Lam, general manager of Henderson’s sales department.
The units sold at an average price of HK$14,168 per square foot, about 5 to 10 per cent lower than units going for sale in a nearby area. Unit sizes ranged from 209 sq ft to 609 sq ft, meaning flats started at about HK$2.96 million.
“Both projects will have good results as developers adopt lower prices to draw sales amid rising interest rates,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.
Most buyers were in their 20s and 30s and many reside in the New Territories, according to Louis Chan, Asia-Pacific vice-chairman and CEO of the residential division at Centaline Property Agency.
One Innovale-Archway is the phase 1 development of 603 units set to be completed in March 2023. The whole project will be developed in three phases, with a total of 1,600 units.
