The first batch of flats at The Pavilia Farm phase two on top of Tai Wai Station was 28.6 times oversubscribed, with New World Development (0017) receiving about 10,000 checks for the 337 units offered.
The developer released 337 units in the first price list of phase two on Wednesday at an average HK$19,838 per sq ft after discounts, about 5 percent higher than the first price list of phase one.
The cheapest flat, measuring 264 sq ft, is offered at HK$5.72 million, or HK$21,697 per sq ft after discounts.
New World Development (0017) has collected about HK$8.4 billion after selling all 767 units on offer at phase one, 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.
The first phase of the project received more than 22,700 registrations of interest, the largest number since 1997.
Meanwhile, Hong Kong Ferry (0050) and Empire Group had sold 218 out of 248 units on offer at Starfront Royale in Tuen Mun by 6 pm yesterday.
In the secondary market, Centaline Property Agency recorded eight secondary transactions at 10 blue-chip housing estates over the weekend, down by 64 percent week-on-week and hitting a 13-week low, as new projects in the primary market lured away buyers.
A 661-sq-ft flat at Laguna City in Lam Tin fetched HK$8.5 million, or HK$12,859 per sq ft, after HK$880,000 was cut from the initial asking price, said Centaline Property Agency.
In Tung Chung, a Cathay Pacific Airways (0293) employee sold a 518-sq-ft flat at Coastal Skyline Phase 4 for HK$7.33 million, or HK$14,151 per sq ft, after cutting HK$650,000 from the original asking price, Centaline said.
In Sheung Shui, a 1,798-sq-ft luxury house at Valais - dubbed a "ghost town" by local media - changed hands for HK$20.79 million, or HK$11,563 per sq ft, after HK$3.21 million was slashed from the asking price, said Midland Realty.
And in the commercial property market, Midland IC&I (0459) recorded 57 transactions in 50 Grade-A office buildings in the first 10 months, down by 53 percent year-on-year.
Buyers queue up for flats at The Pavilia Farm. SING TAO
