Hong Kong property: Grand Mayfair III and Woodis see brisk sales as market picks up
Buyers acquired 71 of 138 units by late Sunday afternoon at the 680-unit Grand Mayfair III project led by Sino Land
Brisk transactions in Hong Kong’s primary residential market continued apace, with two projects recording robust sales over the weekend.
Buyers had acquired 74 of the 138 units on Sunday at the 680-unit Grand Mayfair III on 29 Kam Tin Road in the New Territories in the second round of the project’s sales on Sunday, according to agents. The project, jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp, sold all 138 units in the first round on October 21.
A total of 1,640 units at the Grand Mayfair project, which is being built in three phases, had been sold, accounting for 94 per cent of the overall units, according to Sino Land.
The latest batch included 40 one-bedroom units and 98 two-bedroom flats ranging from 350 sq ft to 561 sq ft. The flats were priced between HK$4.9 million (US$630,640) and HK$9.1 million, or between HK$13,119 per square foot and HK$16,143 per square foot after a maximum discount of 16 per cent.
Developer Sino Land’s chairman, Daryl Ng Win Kong, visited Grand Mayfair’s sales office on Sunday. He remains upbeat about the outlook for the city’s property market next year, noting multiple positive signals had emerged to boost the market.
Chief among the factors were the start of a lower interest-rate cut cycle and a robust initial public offering market, Ng said after the company’s annual general meeting on Wednesday, his first since being appointed chairman in August.