Buyers check in for all units at Pavilia Farm

Business | Kevin Xu 27 Oct 2020

Hong Kong's residential property market remained robust over the long weekend as home-buyers snapped up all 378 units on offer at The Pavilia Farm phase one in Sha Tin and the secondary market recorded more deals in Tung Chung.

New World Development (0017) has collected about HK$8.4 billion after selling all 767 units at the project over the past two weeks, bringing the group's total contracted sales in Hong Kong to almost HK$10 billion, said the executive vice-chairman and chief executive, Adrian Cheng Chi-kong.

The group has accomplished nearly half of the HK$20 billion sales target for the 2021 fiscal year, he added.

NWD expects to release the first price list of The Pavilia Farm phase two this week.

The project has received more than 22,700 registrations of interest, the largest number since 1997.

Also in the district, Sun Hung Kai Properties (0016) named its 33 To Shek Street Project Phase 1 as "St Michel," and will launch sales next month. The project provides 196 units.

Meanwhile, CK Asset (1113) has received about 400 checks for the 82 units in the first two price lists of El Futuro in Sha Tin, a 3.9 times over-subscription.

Hong Kong Ferry (0050) and Empire Group released 62 units in the second price list of Starfront Royale in Tuen Mun at an average HK$15,035 per sq ft after discounts, 3 percent higher than the first price list.

The cheapest flat, measuring 222 sq ft, is priced at HK$3.36 million, or HK$15,167 per sq ft after discounts. The developers had received 2,083 checks for the 185 units in the first two price lists last night, about 10 times oversubscribed.

In the secondary market, Centaline Property Agency reported 25 secondary transactions at 10 blue-chip housing estates over the past three days.

In Tung Chung, a Cathay Pacific Airways (0293) pilot sold a 1,160-sq-ft flat at The Visionary for HK$12.75 million, or HK$10,991 per sq ft, after HK$1.1 million was slashed from the original asking price, said Centaline Property Agency.

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