Pavilia Farm III rakes in $2.7b amid buying frenzy

Hong Kong's residential property market remained robust over the weekend as homebuyers snapped up nearly all flats put on sale at The Pavilia Farm phase three in Tai Wai yesterday. New World Development (0017) collected about HK$2.7 billion after selling 169 out of 173 flats on offer at the third...

Staff reporter

Monday, June 21, 2021

Hong Kong's residential property market remained robust over the weekend as homebuyers snapped up nearly all flats put on sale at The Pavilia Farm phase three in Tai Wai yesterday.
New World Development (0017) collected about HK$2.7 billion after selling 169 out of 173 flats on offer at the third phase of The Pavilia Farm above Tai Wai Station, with one buyer forking out HK$54 million for three flats.
NWD had received about 30,500 registrations of intent from potential buyers for the 173 flats, making them 175 times oversubscribed, and the highest number of registrations since 1997.
The 173 flats include 170 flats in the fourth price list and three flats that were given up by previous buyers.
The 170 flats in the fourth price list were offered at an average price of HK$24,858 per sq ft after a maximum 20 percent discount is applied, 24 percent higher than the first price list.
NWD had recorded three cases of forfeited deposits totaling around HK$1.38 million over three flats at the third phase. The three flats were offered at between HK$7.91 million and HK$11.84 million. The preliminary deposits are equivalent to 5 percent of the purchase prices.
In the secondary market, Centaline Property Agency reported 16 secondary deals at 10 blue-chip housing estates over the past weekend, down by 20 percent week-on-week.
Among the deals, a 717-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok changed hands for HK$10.53 million, or HK$14,686 per sq ft.
The seller will gain HK$4.98 million after holding the property for 11 years.
Meanwhile, the full opening of the Tuen Ma Line on June 27 is propping up transactions in Kowloon City District.
A 478-sq-ft flat at 18 Farm Road in To Kwa Wan fetched HK$9.8 million, or HK$20,502 per sq ft, about 10 percent higher than the bank valuation. The seller bought the flat for HK$4.25 million in 2010 and will gain HK$5.55 million. The seller decided to sell the flat as the Tuen Ma Line is to launch in full at the end of June, according to Centaline Property Agency.