Weak market fails to discourage buyers at Sino Land development

PUBLISHED : Thursday, 01 June, 2000, 12:00am
UPDATED : Thursday, 01 June, 2000, 12:00am

Sino Land has received offers from more than 160 prospective buyers for its Springdale Villas residential project in Yuen Long.

Analysts said the take-up for the 208-unit project was faster than expected in a declining market.

Sources said that since the beginning of May more than 160 home-seekers had submitted offers to buy the flats at an average of HK$2,800 per square foot.

The developer told prospective buyers that it would sign sale and purchase agreements with them later this month when the project received the certificate of compliance with lease conditions. With the certificate, buyers could move into the flats immediately on completion of purchase.

Sino Land has so far sold 40 units at the project through an internal sale arrangement.

Springdale Villas provides units of 548 to 848 square feet. It is located at Ma Tin Road and next to Yuen Long Town Park.

Agents said some units at neighbouring project Parkside Villa had traded recently at HK$3,300 per sq ft in the secondary market. This meant Springdale Villas' prices were about 10 per cent lower than secondary market prices.