Record-high rents are delivering attractive returns for investors, which, coupled with favorable borrowing conditions that are prompting more tenants to switch from renting to buying, will support the property market, said Cannas Ho Ka-yan, director of sales and marketing at New World Development (0017).
NWD and MTR Corporation’s (0066) landmark riverside residential project atop MTR Tai Wai Station, The Pavilia Farm III, has opened a new three-bedroom ready-to-move-in unit for viewing and will tender three specialty flats next Monday.
The prime location with excellent transport connectivity, proximity to well-regarded schools, and a high degree of privacy are helping rents and transaction prices at the project reach new highs, NWD said.
The developer said the newly opened unit—Tower 8A, 29th Floor, Flat C commands a front-line river view. Upon entry, a dedicated storage room can accommodate bulky items such as musical instruments, freeing up living space and enhancing residents’ quality of life, it said.
It added that the 822-sqare-foot layout delivers a luxury home experience, with interiors inspired by chamomile and fitted with a suite of Miele appliances.
The project has sold a cumulative nine units this month, generating proceeds of over HK$190 million, with an average price of more than HK$21 million per unit, said NWD.
Since its relaunch, The Pavilia Farm series has sold a cumulative 391 units, raising more than HK$6.4 billion.
