Homebuyers snapped up units on the first day of Swire Properties’ largest residential development sale in 20 years, as Hong Kong’s home sales remained brisk and lived-in home prices saw consecutive incremental increases.
Some 89 units, or almost half the 180 units at Headland Residence in Chai Wan, were sold as of 2pm on Saturday, according to agents.
The units comprised 31 one-bedroom, 130 two-bedroom and 19 three-bedroom flats. After deducting the maximum 15 per cent discount, total prices ranged from HK$6.4 million to HK$20.2 million, with prices per square foot from HK$15,328 to HK$22,479.
The project, a redevelopment of a former bus depot, is jointly owned by Swire and China Motor Bus. Headland Residence will be developed in two phases and its three residential towers provide a total of 850 units, ranging in size from 400 sq ft to 1,400 sq ft.
“The sale is doing good because the prices are reasonable and Swire’s projects are always of high quality,” said Sammy Po Siu-ming, CEO of the residential division of Midland Realty. “The US is about to cut interest rates and Hong Kong’s policy address may bring positives for the property market. Buyers are piling in.”
The developer released its first price list for 120 units in late August at an average price of HK$17,565 per square foot. That was 10 to 20 per cent higher than secondary transactions in nearby housing estates in Chai Wan.
