Hong Kong homebuyers flock to Henderson Land project in Wan Chai
All 75 new flats on offer at the Woodis residential development on Saturday are sold out
Hong Kong homebuyers snapped up new flats at a Henderson Land project in Wan Chai in the latest sign of a real-estate market recovery.
By early evening on Saturday, all 75 units on offer at the Woodis residential development on Wood Road were sold out, according to property agents.
The buying spree aligns with market expectations, following Henderson’s decision to price the units competitively with neighbouring flats in the secondary market. The average discounted price was set at HK$23,224 (US$2,990) per square foot.
The sales included 61 two-bedroom units and 14 three-bedroom units, with sizes ranging from 343 sq ft to 598 sq ft. Prices ranged from HK$7.05 million to HK$15.5 million, or HK$20,389 to HK$25,843 per square foot after maximum discounts.
Henderson said earlier that the prices were about 5 per cent lower than comparable new projects nearby. Midland Realty estimated that around 40 per cent of the buyers in this project were investors attracted by an anticipated rental yield of about 4 per cent.
“In a free market like Hong Kong, rental yield plays a crucial role in investors’ decisions to buy or sell homes,” said Wang Feng, chairman of Shanghai-based financial services firm Ye Lang Capital. “The recent surge in home sales reflects improved confidence among investors in the local property market.”