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
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.
More than 1,000 units have been sold in the primary market so far this month, Po said. Stimulated by Henderson’s strategy of seeking volume over prices, more than 2,000 units were expected to be sold in the primary market throughout August, he added.
One Innovale-Archway has received an enthusiastic response in the first two rounds of sales this month. In its first round of sales last weekend, of the 318 units on sale 102 were sold within the first two hours, with just one left by 5pm, according to property agents.
One Innovale-Archway’s first phase comprising 603 units is set to be completed in March next year. The project will be developed in three phases with a total of 1,600 units.
Most analysts have forecast that Hong Kong’s commercial banks will raise the prime rate in September, but some expect a rate increase to come this month, as a key indicator of bank liquidity continues to fall, according to a poll conducted by the Post earlier this month.