Trial scheme allows 15 young buyers to snap up Hong Kong flats with ‘super low’ down payments
More than 1,200 applied for flats at The Parkville in Tuen Mun under a programme that aims to give youths a chance to get into red-hot market
Young first-time homebuyers in Hong Kong flocked to snap up more than a dozen flats in a luxury development with “super low” down payments.
The scheme, launched by New World Development, was the first of its kind for private developers after the chief executive announced plans last year to help young families get on the property ladder.
There were more than 1,200 applicants vying for the 15 flats at The Parkville residential development in Tuen Mun. The 15 flats were reserved as a trial for the project out of the 100-unit development.
Prices at the 27-storey tower ranged from HK$5.87 million (US$752, 500) to HK$8.32 million for the 15 flats, with sizes from 422 square feet to 575 sq ft. Prices for other flats in the development sold for between HK$4.52 million and HK$12.93 million, according to previous transactions recorded by Centaline Property Agency.