Henderson Land records strong sales performance

Thanks to Double Cove which sold 82% of the 928 units.

Here's more from Maybank Kim Eng:

Event: Strong HK residential property sales were recorded over the last weekend in both primary and secondary markets. Sales momentum continued to pick up from Century Gateway, a Tuen Mun project developed by SHK Properties, which recorded 500 unit sales in last week alone.

The project’s accumulated sales reached 900 units or 84% of its phase 1 total number of units of 1,075. Double Cove, the Ma On Shan project jointly developed by Henderson Land and New World Dev also recorded 20 transactions over the weekend, which boosted the primary market’s weekend sales by 13% WoW to 261. Secondary transactions of top 10 residential estates also rose 10% WoW to 33.

Implication: We believe that investors’ risk appetite towards property developers will continue to improve in short-run, supported by strong sales momentum, moderate property price hike, and improved capital market sentiment.

Henderson Land, our sector top pick, recorded strong sales performance from its key project, Double Cove and has accumulated 760 sales (82% of total units of 928).

The next projects to be launched shortly will be Yuen Long’s 2,580-project THE REACH, targeted to be on sale later in October. We anticipate good sales from the large-scale development, targeted to mid-end customers.