New Tsuen Wan flats draw robust demand
Finance | Kevin Xu 12 Aug 2019Billion Development and Project Management released the second batch of 116 flats at The Aurora in Tsuen Wan yesterday, with the cheapest 217-square-foot unit priced at HK$4.2 million, or HK$19,371 per sq ft, after discount.
The 116 units range from 217 sq ft to 859 sq ft, and they are offered at an average of HK$18,851 per sq ft after discount, 6.3 percent higher than the first price list.
The developer has launched 380 units at The Aurora, which will go on sale on Saturday, including 26 flats by tender.
The project has attracted some 6,700 subscriptions.
Meanwhile, the secondary market remained gloomy, with Ricacorp Properties recording only two transactions at 10 major housing estates over the weekend amid the ongoing social unrest, hitting a 14-week low.
Ricacorp chief executive Willy Liu Wai-keung said the secondary transactions remained low as vendors are only willing to cut asking prices by about 5 percent.
Liu added the ongoing demonstrations over the past few weeks have negatively impacted the local economy and cooled buying sentiment in the property market.
Homebuyers are taking a wait-and-see stance recently, and the new projects in the primary market has lured away the purchasing power in the secondary market, said Louis Chan Wing-kit, Centaline residential chief executive of Asia Pacific.
Chan expects secondary transactions of small and medium-sized properties to rebound as the purchasing power will be released in the middle of the month, when ballots are to be drawn for the Sale of Home Ownership Scheme Flats.
In other news, a 448-sq-ft unit at Kingswood Villas in Tin Shui Wai sold for HK$4.85 million, or HK$10,826 per sq ft, after HK$900,000 was cut from the original asking price.



