Homebuyers unfazed by protests as over 90pc of new flats sell

Homebuyers snapped up more than 90 per cent of the new flats released to the market yesterday, unfazed by strife on the streets.

More than 430 flats in four projects were sold - led by New World Development's The Pavilia Hill in North Point, and Double Cove III in Ma On Shan, jointly owned by New World and Henderson Land Development.

At The Pavilia Hill 129 flats, or 98 per cent of those on offer, were sold for an average price of HK$26,907 per square foot. The sales netted New World HK$3.2 billion, and the developer plans to release a further 83 flats.

At Double Cove III, 97 per cent of the flats, or 188, were sold.

Estate agents said the protests would have a minimal impact on the new-home market.

"It seems homebuyers and investors are not necessarily associating their investment decisions with the current political instability," said Louis Chan Wing-kit, managing director of residential sales at Centaline Property. "Most of my clients feel Occupy is a short-term thing, while buying a new home is a long-term bet."