Hong Kong homebuyers snap up flats at new Kennedy Town project on strength of location, well-known developers
- Sun Hung Kai Properties sold 100 of the first batch of 130 small units on offer at Kennedy 38, a joint venture with Henderson Land and Wheelock Properties
- The project, which has 431 total flats, represents the first new flat sale in Kennedy Town in five years
Homebuyers on Saturday flocked to the first new flat sale in five years at Kennedy Town, which property agents attributed to the project’s ideal location in the northwestern part of Hong Kong island and the large developers behind it.
The average sale price stood at HK$27,522 per sq ft. There are 431 total flats in the project.
The flats received more than 1,400 registrations of interest on Friday, which translated to 10 bids for every available unit, according to property agents. Each buyer can purchase up to three flats.
The one-bed room unit measuring about 300 sq ft are the most popular, while the project’s 229 studio units are not so well received, according to Sammy Po Siu-ming, chief executive at Midland Realty‘s residential division.
“The studio flats are less popular than the one-bed room unit,” Po said. “We have seen a mixture of end users and investors who plan to buy the flats at Kennedy 38 for lease with an expected yield of about 3 per cent per year.”