Hong Kong property sales post modest results in October debut as homebuyers await new policies, expect further rate increase

Henderson Land Development’s One Innovale-Bellevue in Fanling sold 45 flats on Sunday, around one-third of the 143 units on offer

The outlook for property sales in the fourth quarter is not optimistic because of a possible further increase in interest rates

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Potential buyers line up at the sales office of Henderson Land Development’s One Innovale-Bellevue project at Mira Place in Tsim Sha Tsui on October 2, 2022. Photo: Edmond So

Published: 8:18pm, 2 Oct 2022Updated: 8:37pm, 2 Oct 2022

Hong Kong’s first weekend property sale this fourth quarter posted modest results, as homebuyers took a wait-and-see approach ahead of another interest rate increase, and key policy announcements in the city and the mainland later this month, analysts said.

Henderson Land Development’s One Innovale-Bellevue project in Fanling, located in the city’s planned Northern Metropolis area, sold 45 flats on Sunday, according to Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.

While that number represented around one-third of the 143 flats on offer, Po said the response was within expectation because Sunday’s sale was the second conducted by the developer within a week. On September 27, Henderson Land sold 231, or 95 per cent, of 243 flats on offer.

“[Sunday’s] result is not bad for a second round of sale,” Po said. “The project mainly caters to young people who are first-time buyers and can only afford small-sized new flats.”

Henderson Land Development’s One Innovale-Bellevue project in Fanling. Photo: Xiaomei Chen

The entry price at One Innovale-Bellevue, which is designed to have a total of 1,600 flats, is HK$3.07 million for a unit that measures 221 square feet.

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