Bumper weekend for Hong Kong property sales as buyers flock to snap up flats at Henderson’s The Henley in Kai Tak

Henderson sold some 70 per cent or 134 of 196 units on offer at phase one of The Henley, at the close of sales on Sunday

Some 3,063 people registered their interest, or nearly 16 buyers for each available unit

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Buyers queue up to buy flats at The Henley, at Henderson’s sales office in One IFC, Central, on Sunday. Photo: Jonathan Wong

Published: 7:59pm, 9 May 2021Updated: 12:45pm, 11 May 2021

Corrected [12:44pm, 11 May, 2021]

[12:44pm, 11 May, 2021]
Correcting sales amount in the second para. Henderson made HK$1.55 billion from the sale of 134 units, not HK$15.5 billion.

Hong Kong buyers showed strong appetite for new flats for a second day in a row, encouraged by a steep economic rebound as investors look to deploy funds amid improving sentiment.

Henderson Land Development sold some 70 per cent or 134 of 196 units on offer at phase one of The Henley, the company’s first project in Kai Tak, at the close of sales on Sunday, raking in sales of HK$1.55 billion (US$200 million) Henderson said. The upbeat sales come a day after Road King Infrastructure sold all 180 units at its 800-unit South Land project in Wong Chuk Hang, the first residential project atop an MTR station on Hong Kong Island in three decades. In Mong Kok, Sino Ocean sold 27 of the 45 flats at its Uptify project on the same day.

“This is pretty good sales results,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. “Sentiment is supported by expectation that low interest rates will stay low, ample funds looking for investments, the local pandemic being under control, a return of economic growth and lower unemployment.”

Hong Kong ended six consecutive quarters of economic decline caused by the coronavirus pandemic, posting a 7.8 per cent growth in the first-quarter, the strongest in 11 years. It was led by export and government spending. Unemployment fell to 6.8 per cent in March from 7.2 per cent in February.

An aerial view of new property projects coming up in Kai Tak. Photo: Winson Wong

Henderson’s 479-unit in phase one of The Henley is located on the site of the city’s former airport, near the East Kowloon business district under development.

Some 60 per cent of the units were bought by end users and 40 per cent by investors, compared to the 30 per cent investors at other launches, Po noted. This is due to its prime location, with many units enjoying sea views, which gives it better price appreciation potential, he said.