Hong Kong Property Rush of New Projects Set to Entice Buyers

Posted on 28 May, 2021 | By Property852

Property sales for the new units are expected to explode between the end of this month out to the next month, totalling well over 2,600 units.

On Friday, both the Upper South in Ap Lei Chau, as well as Tai Wai Station's Pavilia Farm III, presented price listings and sales brochures for their respective locations. Following after them were The Arles in Fo Tan as well as The Met Azure in Tsing Yi.

A location developed by the company, Henderson Land, the Upper South has set their prices in the ranges of HK$4.55 million and HK$7.15 million. Factoring in a 6% discount to the price, they are currently on the market for HK$4.28 million up to HK$6.72 million. In addition, the project has opened its show flat for viewings as well as started subscriptions since last weekend.

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Henderson Land said that the property would officially be launched in either late May or early June and would provide 138 separate units. The units would include studio flats as well as one-bedroom units. It has been reported that, of the total number of units, roughly 65% (around 90) would be studios, the remaining 35% (around 44) units being one-bedroom. The studios would have a total sellable area ranging between 183 to 186-square feet compared to the one-bedrooms' total being between 242 and 264-square feet. In addition, there are 4 high-rise units that will range between 300 and 334-square feet.

The joint MTR Corp and New World Development will announce their initial price listings for the Pavilia Farm III, revealing the show flats later this week. It is expected that, as the last phase for their project, the sales price will likely refer to the first or second phases, and thus may later see an increase.

The Pavilia Farm III is made up of two residential buildings and will provide over 890 units, each ranging between one bedroom and four bedrooms. Factoring the entirety of the Pavilia Farm project, it consists of seven total buildings and holds over 3,000 total units.

The Met Azure project is currently awaiting sales approval. When asked about when that could be, Teresa Ching Tak-waon, executive director of the Wang On Properties, the building's developer, stated that it would most likely happen later this month. She remarked that both, the show flats as well as the sales brochure were currently ready and that they could be open for sale as early as June. On the price, she remarked that the first units sold would likely have their price based on what the general going rates were in the district.

She stated that she is confident in the project sales as Tsing Yi has always lacked supply for smaller units over the past few years. Two of the building's show flats would be set up. The first would be a standard unit while the other would be a modified and refurbished one.

In Maya By Nouvelle, found in Yau Tong, the remaining 40 units were next. These were priced around 3-5% over their listing price.

The Met Azure sill provide 320 units, each ranging between 181 and 257-square feet. Of the total amount, 79% were slated as studio units while the remaining units would be one-bedrooms. The structure would also hold some feature units, 20 of which would be on one floor. Its 181-square foot unit is noted as being the smallest throughout all of Tsing Yi.

The Arles in Sha Tin similarly waiting on sales consent. The Shenzhen Centralcon developed location is stated to have finished preparation and expects to be approved by next month. It is located near the MTR station and has received numerous inquiries even despite its official launch not yet happening.

The structure consists of 4 residential building, holding a total of 1,335 units. They range from studios up to four-bedroom units. Similar to some of the other projects, there will be feature units also available upon launch.

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