Novo Land sells out with more units to hit market

All 352 homes available at Sun Hung Kai Properties' (0016) phase 2B of Novo Land in Tuen Mun were sold out after the sales launched last Saturday, while the secondary market saw weekly transactions fall.

An additional 171 flats will be put on the market on Wednesday, as part of the 180 units revealed in the fourth price list last Saturday, said the developer. The latest batch of units was priced between HK$4.2 million and HK$9.3 million, or at an average price of HK$14,098 per square foot after discounts.

The project so far has been 29 times oversubscribed with a total of 10,691 checks received last week, cashing in at least HK$2 billion. It is the first new residential development project to receive over 10,000 applications after seven months when phase 1B of Novo Land got 12,887 checks last August.

In Tai Kok Tsui, Henderson Land Development's (0012) The Quinn Square Mile sold seven flats yesterday, raking in HK$41.58 million. The most expensive unit was a two-bedroom 382 sq ft flat, sold at HK$8.88 million. The remaining were studios and one-bedroom units ranging between 209 sq ft and 272 sq ft, with prices between HK$4.6 million to HK$6.5 million.

At least 600 deals were recorded in the primary market this month, said Louis Chan Wing-kit, Asia-Pacific vice-chairman at the residential division of Centaline Property Agency. He expects the figure to triple by the end of March to reach over 2,500.

In the secondary market, 17 secondary transactions were recorded in the ten benchmark housing estates over the weekend -- a decrease of 29 percent from last week's 24 deals, according to Centaline.

Whampoa Garden in Hung Hom notched up the most transactions at five.

Tai Koo Shing in Quarry Bay was the only housing estate that had zero transactions over the weekend, after five deals were made during a frenetic weekend late February.

Meanwhile, the number of transactions in Hong Kong's industrial, commercial properties and shops jumped by 27 percent to 273 last month from January, said Centaline, marking the highest record in six months. The total considerations also rocketed 77.5 percent to about HK$7.2 billion, Centaline remarked.