Hong Kong developer Henderson Land Development Co Ltd. announced that it is targeting HK$16 billion (S$2.64 billion) in property sales for 2012, as it focuses on selling affordable apartments amid the cooling housing market.
That target represents a seven percent drop from the previous year, when the company recorded sales of HK$17.2 billion (S$2.83 billion), which included sales from joint venture projects.
“The value is lower because we are targeting mid-price housing this year,” said Thomas Lam Tat-man, General Manager of the company’s sales department.
Henderson Land forecasts that it can sell 2,600 units this year, mainly small- to medium-sized apartment units, with an average size of 700 sq ft. Last year, the company sold 855 units in Hong Kong, comprised mostly of large high-priced units.
“In 2012, medium-priced apartments will be welcomed by the market,” Lam said.
The number of real estate transactions in Hong Kong dropped 33.1 percent last year compared with 2010, as the government implemented property cooling measures aimed at lowering property prices and curbing speculation.
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