Rental yields, redevelopment gains drive home sales in Hong Kong’s To Kwa Wan
Demand for 2 projects fuels busiest sales weekend in 19 months as developers market the district as part of a wider redevelopment corridor
The renewed interest helped push Hong Kong’s weekend primary home transactions to around 500 units, the strongest level in 19 months, according to Midland Realty.
On Sunday, all 130 units released in the first round of sales for the third phase of One Victoria Cove on 1 Bailey Street were sold, according to lead developer Henderson Land Development. Prices started at HK$6.98 million, or HK$20,383 per square foot.
The batch included 101 two-bedroom units and 29 three-bedroom flats ranging from 338 sq ft to 708 sq ft. One Hong Kong investor spent more than HK$110 million to purchase 16 units, the developer said.
Investment demand was a major driver behind the strong sales. Midland Realty said investors accounted for about 40 per cent of its buyers at One Victoria Cove, with some purchasing multiple units for leasing purposes.