Deja vu craze seen in Tai Wai home project

Top News | Stella Zhai 16 Oct 2020

The Pavilia Farm in Tai Wai, developed by New World Development and MTR Corp, has received more than 22,700 checks from potential buyers - the largest number since 1997 - before the official launch this weekend.

This represents a 57 times oversubscription of the first two batches of 391 units to be on sale.

A total of more than HK$2.27 billion has been frozen in less than six days, if counted at an average HK$100,000 deposit for each check.

It surpassed Parc City in Tsuen Wan, which received 22,500 checks - or 42 times the first sales batch of 521 units in 2017.

Villa Esplanada in Tsing Yi, developed by Sun Hung Kai Properties and CK Asset, collected about 30,400 checks within three days before the 1997 Asian financial crisis.

It was followed by East Point City in Tseung Kwan O, which received more than 27,000 checks before launching the sales in 1997.

All the 10 record-breaking projects since 1997 were mega-developments on top of or close to MTR stations, while the MTRC took part in most of them.

NWD released the first two price lists earlier this month, offering 180 units and 211 units. The flats are sized between 322 square feet and 835 sq ft, with a price range of HK$6.29 million to HK$20.34 million, or HK$16,618 to HK$24,503 per salable sq ft on average, with an up to 20 percent discount.

The average price for the first and the second price list is HK$18,921 and HK$19,999 pssf, after discounts.

The project provides a total of 783 home units sized between 278 sq ft and 1,383 sq ft, and is expected to be completed in September 2022.

A site in Quarry Bay, where a Civil Servants' Cooperative Building is located, will be auctioned today, with a reserve price of HK$452 million, making it the first building of its kind for compulsory auction.

Mainland developer Agile Group has a more than 90 percent stake in the two six-story buildings, aged 47 years.

The site has a ground area of 12,730 sq ft.

Meanwhile, bids for a commercial plot in Tung Chung closes today and market watchers believe it may fail to attract enough bidders amid market sentiment and if the government's Lantau Tomorrow Vision proceeds.

The plot has an area of 132,772 sq ft and a floor area of 1.26 million.

Surveyors value the site at between HK$3.8 billion and HK$4.4 billion.

Elsewhere, a buyer forfeited deposits of about HK$465,000 after calling off the purchase of a 404 sq ft flat at The Garrison in Tai Wai, which was priced at HK$9.3 million, or HK$23,020 per sq ft.

Jones Lang LaSalle said it has collaborated with risk management company Risk Integrated to launch OfficeBlocks, an artificial intelligence and big-data platform tracking major Asia-Pacific property markets, including Hong Kong and Singapore.

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