Henderson Land to launch Cheung Sha Wan homes

Henderson Land (0012) plans to launch a project in Cheung Sha Wan in the first quarter of this year which will have a total of 700 flats.

The news came as Wheelock Properties executive director Ricky Wong forecast that the property market will stabilize in the first half and rise in the second half of the year.

Meanwhile, the number of property agency branches shrank to 243 in January, the most significant drop in 10 years to a six-year low of 6,805.

The number of agents continued to drop to 39,309, the 10th consecutive month of decline, and the lowest in nearly four years.

In property deals, the number of new property sales over HK$100 million rose 40 percent yearly to 60 last year, about 70 percent lower than the highest level in 2021, according to Midland Realty.

New property transactions totaled 10,500, 14.9 percent higher than in 2022, but still the second lowest in the last 10 years. Nineteen sales in Hong Kong Island accounted for over 30 percent of transactions over HK$100 million.

House 12 of Mount Nicholson Phase 1, which sold for HK$577 million, was the highest transaction, followed by a house at Central Peak II for HK$400 million, and a triplex house at Dukes Place for HK$287 million.

The month of January saw 30 transactions over HK$30 million, 25 percent higher than December, supported by China's reserve ratio cut. There were seven sales at The Peak and Southern region, four more than a month earlier.