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Salina Li

Daniel Ren

Hong Kong homebuyers snapped up new flats at a Henderson Land project in Wan Chai in the latest sign of a real-estate market recovery.
By early evening on Saturday, all 75 units on offer at the Woodis residential development on Wood Road were sold out, according to property agents.
The buying spree aligns with market expectations, following Henderson’s decision to price the units competitively with neighbouring flats in the secondary market. The average discounted price was set at HK$23,224 (US$2,990) per square foot.
The sales included 61 two-bedroom units and 14 three-bedroom units, with sizes ranging from 343 sq ft to 598 sq ft. Prices ranged from HK$7.05 million to HK$15.5 million, or HK$20,389 to HK$25,843 per square foot after maximum discounts.
Henderson said earlier that the prices were about 5 per cent lower than comparable new projects nearby. Midland Realty estimated that around 40 per cent of the buyers in this project were investors attracted by an anticipated rental yield of about 4 per cent.

“In a free market like Hong Kong, rental yield plays a crucial role in investors’ decisions to buy or sell homes,” said Wang Feng, chairman of Shanghai-based financial services firm Ye Lang Capital. “The recent surge in home sales reflects improved confidence among investors in the local property market.”
Hong Kong’s residential market had been volatile in recent years, peaking in July 2018 before declining and reaching another peak in September 2021, only to fall nearly 30 per cent since then, according to official data.
Morgan Stanley said in a research report in June that the city’s residential property sector was on the cusp of a turnaround, expected to last four to five years, with home prices likely to begin rising in the second half of the year.
Key factors driving the city’s home market included a downward trend in lending costs, a growing population due to the government’s efforts to attract migrants from mainland China and international students, as well as a temporary halt in land sales, according to the report.
Home transaction volume remained above 5,000 units for the seventh consecutive month in September, with home sales increasing by 6.7 per cent to 5,643 units, according to data released by the Land Registry last week.
Prices for lived-in homes rose by 0.14 per cent in August, according to the latest data from the Rating and Valuation Department, indicating a gradual market recovery. It marked the fifth consecutive month of modest gains, narrowing this year’s decline to 0.24 per cent. Since April, prices have risen by 1.26 per cent.
The latest figures suggest a stabilising trend after home prices dropped 28.4 per cent up to March this year from their peak in September 2021.
Meanwhile, Hong Kong’s residential rents approached a record high in August. An official rental index surged by 1.12 per cent – the largest increase in 14 months – reaching 198.7, just 1.4 points shy of the peak of 200.1 recorded in August 2019.


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All 75 new flats on offer at the Woodis residential development on Saturday are sold out


All 75 new flats on offer at the Woodis residential development on Saturday are sold out.


Hong Kong homebuyers flock to Henderson Land project in Wan Chai

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}All 75 new flats on offer at the Woodis residential development on Saturday are sold out

All 75 new flats on offer at the Woodis residential development on Saturday are sold out