Henderson Land gets ‘good’ start in Hong Kong’s first weekend property sales as border reopening fuels optimism

Almost 40 per cent of 108 units in One Innovale were snapped up by buyers as of 5pm local time on Sunday, coinciding with Hong Kong-mainland border reopening

Henderson has generated more than HK$5.26 billion (US$673.7 million) sales since the 1,576-unit development was launched in August last year

2-MIN READ2-MIN

A model of One Innovale project at Henderson Land’s sales office in Tsim Sha Tsui, Hong Kong. Photo: Edmond So

Published: 6:30pm, 8 Jan 2023Updated: 6:49pm, 8 Jan 2023

Hong Kong’s first weekend property sales of the year got off to a relatively good start with buyers snapping up more than 40 per cent of the flats offered by Henderson Land, while local residents flock instead to the border after China officially scrapped quarantine requirements.

The developer sold 45 of 108 units on offer in the third phase of One Innovale development in Fanling, New Territories as of 6.30pm local time, according to sales agents. Momentum is expected to sustain before the doors are closed after 8pm, they added.

“Sales have been good in progress,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “Confidence in the market is improving. China reopening is a good incentive for buyers to start acquiring properties.”

The units on sale average about HK$14,560 (US$1,865) per square foot after discounts. They range from open-plan units to three-bedroom units, measuring 231 to 683 square feet. The cheapest units were HK$3.43 million by price, and HK$13,608 on a per square foot basis, according to the developer.

Potential buyers mingling in Henderson Land’s sales office. Photo: Handout

Sunday’s property sale coincided with the official end of China’s zero-Covid policy, as pandemic curbs are dismantled. Three years of strict lockdowns, mass testing and quarantines have been blamed for halting the flow of big-spending mainland visitors and depriving the city’s economy of its lifeblood.

Hong Kong’s property market was one of the casualties, with developers and landlords relying on local buyers to push home sales, retail shops and office spaces.