Hong Kong Apartments sell out for New World as Homebuyers Return

Posted on 06 June, 2021 | By Property852

With Hong Kong apartment home buyers returning strongly amid increased optimism, New World's most recent property launch has quickly sold out.

Amidst improved coronavirus numbers, real estate investors with greatly improved confidence flooded into the Hong Kong property market for the largest weekend sale since back in November. It was another sell-out property launch for New World Development.

The developer of Pavilia Farm Phase III located in Tai Wai reportedly sold out all 331 Hong Kong apartments on offer by 8:00 p.m. for a total of HK$4.37 billion (US$563.4 million) in sales revenue. They received a record of 27,000 registrations of interest through New World's smart phone application, for an average of 82 bids for each available flat. The unsuccessful buyers may have the opportunity to bid on a later date for the next group of properties released .

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Midland Realty's Residential Division Chief Executive, Sammy Po, expects that with the economy gradually improving, gross domestic product on the rise, and the unemployment rate decreasing, today's offerings will undoubtedly sell out. The pandemic being brought under control is certainly beneficial to the Hong Kong property market overall, Due to the swift pace of transactions at Pavilia Farm, the residential property prices in Hong Kong are poised to set records and overtake the pace of the city's tentative economic growth recovery. Hong Kong could have more than 2,500 new home sales and as many as 6,000 lived-in homes sold this month, according to Po. Home prices may rise 2 percent this month and soon set records, he added.

Pavilia Farm is a joint project with MTR Corporation, Hong Kong's subway operator. It features 3,090 apartments in a variety of sizes. Since October 2020, in phases I and II, as many as 2,100 units have been sold. Phase III is due for completion in June of 2023 and consists of 892 flats. The units offered today begin at 310 square feet, up to 1,022 square feet (95 square meters), and are priced at HK$6.7 million up to HK$24 million. The average price at today's sale increased to HK$19,999 per square foot, even including discounts of up to 20 percent. This price was 0.8 percent higher than Phase II in October, and 6 percent higher than Phase I.

Additionally, 54 bulk purchases occurred, which involved individual buyers snapping up more than one property. The most lucrative deal was valued at HK$69 million, according to agents. Louis Chan, Asia-Pacific Vice-Chairman and CEO of the Centaline Property Agency residential division, noted that the recent pandemic improvement, and the anticipated border reopening, are driving market sentiment and increasing buyer confidence. Chan added that robust demand may accommodate price increases of three to five percent in upcoming launches.

Pavilia Farm surpassed a 20-year record in subscriptions for a second time, noted New World's Chief Executive Adrian Cheng. The group is developing more patented products that will deliver convenience and sophistication to residents, satisfying their demands for healthier lifestyles and higher quality.

Moreover, the project is located in proximity to public transportation and shopping centers, among many other amenities. Po stated that the dearth of new developments in the neighborhood, reasonable pricing, and strong rental yields are contributing to Pavilia Farms' success.

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