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Hong Kong’s weekend home sales post mixed results as buyers are spoilt for choice amid 14 per cent increase in property supply
- New World Development sold 79 of the 85 flats on offer at The Pavilia Farm project in Tai Wai, even as the average price rose 24 per cent from May
- At Cheung Sha Wan, CK Asset Holdings found buyers for 14 of the last remaining 103 apartments at Seaside Sonata
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Hong Kong’s weekend property sales were mixed, as buyers snapped up the apartments on offer at a new development in Tai Wai but gave their collective cold shoulder to leftover flats from a 20-month project in Cheung Sha Wan.
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New World Development sold 79 of the 85 flats on offer at The Pavilia Farm project in Tai Wai, even as the average price of the units on offer had risen by 24 per cent to HK$24,858 per square foot, compared with the launch price in late May.
At Cheung Sha Wan, CK Asset Holdings managed to find buyers for 14 of the last remaining 103 apartments at the Seaside Sonata project left over from their October 2019 launch, according to Midland Realty.
“Buyers are waiting for new projects, for example the One Victoria in Kai Tak,” said Sammy Po, chief executive of Midland Realty‘s residential division.
A long queue was seen at China Overseas Land and Investment’s showroom in Kowloon Bay on Saturday, where 1,300 prospective buyers had registered for the 212 flats of One Victoria since the registration began on Friday. The project comprises 1,059 flats.
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The stark contrast between the two sales underscores how Hong Kong’s property buyers are becoming more selective in making long-term financial commitments, as 36,919 new abodes are expected to be launched in 2021, 14.3 per cent more than last year’s supply, according to Ricacorp.
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