New World’s latest property launch sells out as Hong Kong’s homebuyers return in droves amid buoyant sentiments

The developer of The Pavilia Farm Phase III in Tai Wai sold all 331 flats before 8pm, with 27,000 bids received

Unsuccessful buyers today may be able to bid for the next batch of property released at a later date

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Potential homebuyers line up at sale office in Tsuen Wan, for New World's 396 units at The Pavilia Farm on 22 November 2020. Photo: Jonathan Wong

Published: 7:48pm, 5 Jun 2021Updated: 10:55pm, 5 Jun 2021

New World Development has reported another sell-out property launch, as Hong Kong’s real estate investors piled into the city’s biggest weekend sale since November, their confidence boosted by a tapering coronavirus situation in the city.

The developer of The Pavilia Farm Phase III in Tai Wai sold all 331 flats on offer before 8pm for HK$4.37 billion (US$563.4 million) in sales revenue. A record 27,000 registrations of interest were received through New World’s smartphone application, or 82 bids for every available flat on average. Unsuccessful buyers today may be able to bid for the next batch of property released at a later date.

“The economy is gradually improving, with the gross domestic product rising and unemployment rate falling,” said Midland Realty’s residential division chief executive Sammy Po, adding that he expects today’s offerings to “definitely sell out.” “The pandemic is also beginning to be under control. These are beneficial to the overall housing market.”

The brisk transactions at The Pavilia Farm put Hong Kong’s residential property prices on track to set a record and race ahead of the tentative recovery in the city’s economic growth pace. Hong Kong could see more than 2,500 new homes sold and up to 6,000 lived-in homes changing hands this month, Po said. Homes prices could rise 2 per cent this month and break records soon, he added.

New World Development's residential project atop Tai Wai subway station on September 2020. Photo: Xiaomei Chen

The Pavilia Farm, a joint project with Hong Kong’s subway operator MTR Corporation, features 3,090 apartments of various sizes. Up to 2,100 units in phases I and II had been sold since October 2020. Phase III, due for completion in June 2023, comprises 892 flats. The units on offer today started at 310 square feet, going up to 1,022 sq ft (95 square metres), priced from HK$6.7 million to HK$24 million.