New World Development’s (0017) new Shenzhen residential project, Wellspring, secured about 15 percent of its initial sales from Hong Kong buyers.
The project sold 159 units on its April 29 launch day, with more than 20 units purchased by Hong Kong clients, who showed a strong preference for three-bedroom layouts.
As the initial residential phase of the 9.7 million-square-foot New World 188 mega-project, Wellspring is among the first to benefit from Shenzhen's revamped housing design guidelines, which increase usable space by 20 percent compared to older standards, according to Centaline Property Shenzhen.
For the first price list, three-bedroom units ranging from 818 to 926 square feet are priced between 2.19 million yuan (HK$ 2.53 million) and 2.55 million yuan after discounts, or from 2,684 yuan to 2,753 yuan per sq ft.
Four-bedroom units with sizes between 1,055 and 1,227 sq ft cost up to 3.44 million yuan after discounts, or about 2,800 yuan per sq ft.
Homebuyers remain bullish on Shenzhen property market’s long-term prospects, which is supported by an annual net population inflow of 250,000, according to Centaline Property Shenzhen.
The agency highlights a broad market consensus that Shenzhen will spearhead a nationwide real estate recovery, a key reason Hong Kong purchasers favour the city over other Pearl River Delta hubs.
