Hong Kong property market gets second rousing weekend as buyers grab all units at New World’s Pavilia Farm in Tai Wai

Buyers grabbed all 181 units at New World Development’s Pavilia Farm by 5.35pm, another 197 units will be on sale on Monday

Stirring weekend sales come as the government suggested the city’s recession abated last quarter

Reading Time:2 minutes

The Pavilia Farm, New World Development’s residential project atop Tai Wai MTR station. Photo: Xiaomei Chen

Published: 6:44pm, 25 Oct 2020Updated: 10:55pm, 25 Oct 2020

Hong Kong’s property market has witnessed another robust weekend as buyers grabbed all units on offer at a New World Development project, as the government signalled the city’s recession is abating.

Homebuyers bought all 181 units on offer at The Pavilia Farm development in Tai Wai at 5.35pm local time on Sunday, according to property agents. The sell-out repeated the feat last weekend, the market’s best performance in a month, despite an average 14 per cent price mark-up.

The brisk take-up reflects pent-up demand among city dwellers, shrugging off weak sentiments surrounding the weak local job market and recent lay-offs at Cathay Pacific Airways. Financial Secretary Paul Chan Mo-po suggested the city’s recession abated last quarter.

“As the pandemic is increasingly under control, purchasing power is being released,” said Sammy Po, chief executive of Midland Realty’s residential division. “When there is a lot of capital and interest rates are relatively low, people still want to buy properties for investment or own use.”

Prospective homebuyers line up at the sales office of The Pavilia Farm in Tsuen Wan, on Sunday. Photo: Jonathan Wong

Hong Kong’s economy could do with a dose of optimism, after contracting for four consecutive quarters through June 30. Writing on his blog on Sunday, Chan said the decline in third-quarter economic output should narrow with “significant improvement” in exports in September.

The Pavilia Farm will have 3,090 units in total, stretched over a seven-year development. The project counts transport convenience and large-scale shopping facilities among its selling points, Po said.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x