Latest batch of flats at The Aurora in Tsuen Wan snapped up as interest-rate cut attracts first-time buyers

Well over three quarters of new flats that went on sale in Tsuen Wan on Sunday were snapped up, as an interest-rate cut bolstered demand in Hong Kong’s downbeat property market.

Billion Development & Project Management sold 145 of the 172 apartments in the third batch at The Aurora project, on the western side of the New Territories.

It marked a third weekend of successful sales at the development, after some steep discounts saw all units sold out in the first two batches in August.

Flats in the latest tranche were being offered at an average of HK$19,794 per square foot, bringing them roughly back in line with prices of comparable flats in the neighbourhood. The price is about the same, if not slightly lower, than second-hand flats on the market at Vision City and Chelsea Court, both located in Tsuen Wan.

Studio apartments and one-bedroom flats were most in demand, according to Sammy Po Siu-ming, chief executive of real estate brokerage Midland Realty’s residential division.