Hong Kong property market gets second rousing weekend as buyers grab all units at New World’s Pavilia Farm in Tai Wai
- Buyers grabbed all 181 units at New World Development’s Pavilia Farm by 5.35pm, another 197 units will be on sale on Monday
- Stirring weekend sales come as the government suggested the city’s recession abated last quarter
Homebuyers bought all 181 units on offer at The Pavilia Farm development in Tai Wai at 5.35pm local time on Sunday, according to property agents. The sell-out repeated the feat last weekend, the market’s best performance in a month, despite an average 14 per cent price mark-up.
“As the pandemic is increasingly under control, purchasing power is being released,” said Sammy Po, chief executive of Midland Realty’s residential division. “When there is a lot of capital and interest rates are relatively low, people still want to buy properties for investment or own use.”
The Pavilia Farm will have 3,090 units in total, stretched over a seven-year development. The project counts transport convenience and large-scale shopping facilities among its selling points, Po said.
New World Development sold 391 units in the first round last weekend. After selling 181 units on Sunday, another 197 go on sale on Monday. In total, these flats attracted more than 21,000 registrations of interest from prospective buyers.
The units range from 278 to 835 square feet, and are priced at HK$21,560 (US$2,782) per sq ft after discount.
New World’s project sells out in Tai Wai as discounts and location draw homebuyers to ignore oversupply and recession
“Around 70 to 80 per cent of our clients today are people who registered last time but were not successful in making purchases the last time out,” said Louis Chan Wing-kit, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline Property Agency.
One investor spent HK$70 million snapping up three, three-bedroom flats, while another client bought four units worth HK$50 million, Chan added.
“The second phase of The Pavilia Farm could be launched in November, while several new property projects could also come on to the market,” said Chan. He expected around 2,000 new home transactions next month.
“Favourable sales will push up prices of real estate in the secondary market, by about 3 to 5 per cent, in the fourth quarter,” he predicted.