Henderson Land's Mong Kok Project Sells 13 Units on Launch Day, Raising HK$81.4M
SingTao · 1 SOURCES1 day ago2 MIN
Summary
Henderson Land Development's new project Yat Lei 1 in Mong Kok saw strong buyer interest on its first day of sales, with a queue forming outside the Tsim Sha Tsui sales office before the 55 units went on sale . The development sold 13 units in the first round, generating more than HK$81.43 million in revenue . Han Ka-fai, Director and General Manager of Sales Department II at Henderson Property Agency, noted that buyers were mainly end-users, with about 70% being Hong Kong permanent residents . The project attracted both self-use buyers and investors, with the Kowloon region accounting for 54% of purchasers and New Territories for 46% .
Key Points
- Henderson Land launched 55 units at Yat Lei 1 on Saturday, including 27 one-bedroom and 27 two-bedroom units, plus one platform special unit
- Units range from 243 to 393 sq ft, with discounted prices between HK$5.02 million and HK$8.94 million
- The cheapest unit at 5/F Unit F (279 sq ft) sold for HK$5.02 million or HK$17,988 per sq ft
- The most expensive unit at 20/F Unit A (393 sq ft) fetched HK$8.94 million with a per-sq-ft price of HK$22,744
- Industry experts predict rental yields exceeding 4% given the project's short strata-title period and nearby average rents of HK$58-75 per sq ft
Why It Matters
Yat Lei 1's launch demonstrates sustained demand for compact residential units in urban Hong Kong, with approximately 80% of attendees being end-users seeking alternatives to larger, more expensive properties . The project's projected rental yield exceeding 4% and its location in the heart of Mong Kok make it attractive to young buyers and long-term investors alike, potentially setting a benchmark for future small-unit developments in the district .
Yat Lei 1's launch demonstrates sustained demand for compact residential units in urban Hong Kong, with approximately 80% of attendees being end-users seeking alternatives to larger, more expensive properties . The project's projected rental yield exceeding 4% and its location in the heart of Mong Kok make it attractive to young buyers and long-term investors alike, potentially setting a benchmark for future small-unit developments in the district .