Henderson Land's One Victoria Cove in Hung Hom sold 11 units over four days, generating more than HKD 100 million as the development approaches full sellout with 95% of units already taken.
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One Victoria Cove sells 11 units in 4 days, cashes HKD 100 million
Henderson Land's One Victoria Cove in Hung Hom sold 11 units over four days, generating more than HKD 100 million as the development approaches full sellout with 95% of units already taken.
Henderson Land Development Co.'s One Victoria Cove in Hung Hom sold 11 units over four days, cashing more than HKD 100 million, as the project reaches 95% sellout with 566 of about 596 available units taken.
Goldman Sachs raised its Hong Kong home price forecast to a 15% increase this year, favoring Henderson Land and Sun Hung Kai Properties while cutting its price target for New World Development, according to a research note.
A bulk transaction on May 26 saw a single buyer acquire two units for more than HKD 15.74 million. Over the preceding three-day long weekend, the project recorded continuous sales, bringing the four-day total to 11 units. Cumulative proceeds have reached approximately HKD 4.82 billion, implying an average unit price of about HKD 8.52 million.
With only about 5% of units remaining, One Victoria Cove is on track to fully sell out within weeks. The project's performance reinforces confidence in Hong Kong's residential recovery, where Goldman Sachs now expects prices to rise 15% this year, driven by lower borrowing costs and improving buyer sentiment.
Kowloon Waterfront Demand Drives Absorption
The project, jointly developed with Hysan Development Co. and Empire Group, has benefited from its location in Hung Hom's Victoria Harbour waterfront district. The development has sold units at a steady pace since launch, with the latest four-day sales period representing an average of nearly three units per day. The HKD 100 million-plus generated in that window equates to roughly 2% of the project's total lifetime proceeds of HKD 4.82 billion.
Hong Kong's residential market has shown signs of recovery in recent months, supported by expectations that the Hong Kong Monetary Authority will follow the Federal Reserve's easing cycle. Lower mortgage rates have improved affordability for buyers, while limited new supply in prime Kowloon locations has supported pricing power for developers. The last time Hong Kong home prices posted a double-digit annual gain was in 2021, when the city's property index rose about 12%, according to Rating and Valuation Department data.
Developer Stocks Gain on Sales Momentum
Henderson Land shares have drawn support from the project's performance. The stock traded at HKD 31.60 as of May 26, with short selling accounting for 20.9% of turnover that session. Hysan Development shares edged up 0.1% to HKD 18.90, with short interest at 14.6% of trading volume.
Goldman Sachs' upgraded home price forecast provides a further tailwind for Hong Kong developers. The bank named Henderson Land and Sun Hung Kai Properties as top picks in the sector while cutting its price target for New World Development, reflecting the latter's greater exposure to the mainland China market. The divergence in analyst positioning shows how project-level execution — such as One Victoria Cove's rapid sellout — is driving stock-specific performance even as the broader market recovers.
This article is for informational purposes only and does not constitute investment advice.
