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Flats at Henderson’s One Innovale-Archway project sell out for second weekend despite rising interest rates
- Developer sells all 88 units up for sale on the open market by noon
- Project attracted younger buyers, investors betting on ‘Northern Metropolis’ concept, Midland executive says
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Hong Kong’s Henderson Land Development sold all flats at its One Innovale-Archway project in Fanling for a second consecutive weekend on Sunday, showing that demand remained strong despite rising interest rates.
The developer sold all 88 units put up for sale on the open market as part of the project’s last batch by noon. Another 13 were put up for tender, and its result will not be known on Sunday.
The units sold measured 208 sq ft to 441 sq ft, with their discounted prices ranging from about HK$3.2 million (US$408,381) to about HK$6.3 million, or HK$13,068 to HK$16,472 per square foot.
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“One of the main reasons for the strong sales was the attractive price levels, which are lower than the prices of lived-in homes nearby, so young homebuyers could easily afford them,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. Most of the project’s buyers on Sunday were youngsters from the New Territories.
“Additionally, the project also attracted investors, because many people are quite confident about the ‘Northern Metropolis’ concept,” Po added.
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Developers in Hong Kong have been offering new flats at higher discounts in an effort to boost sales at a time of rising interest rates and declining sales. The US Federal Reserve raised interest rates by 75 basis points for a second time in July to curb rising inflation. Following that, the Hong Kong Monetary Authority also raised its base lending rate by 75 basis points to 2.75 per cent.
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