Hong Kong’s home buying frenzy returns, as a record number of bidders snapped up every flat of New World’s The Pavilia Farm III project on offer in Tai Wai

New World Development received 30,108 online registrations of interest, or a record 89 bids for each of the 338 flats on offer at The Pavilia Farm III

Every flat was sold as at 7pm, even as the average price rose 13 per cent compared with the launch price last month

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Home buyers line up at New World Developments’ sales office in Tsuen Wan, for the developer’s new flats at The Pavilia Farm III on 22 November, 2020. Photo: Jonathan Wong

Published: 9:13pm, 12 Jun 2021Updated: 9:14pm, 12 Jun 2021

Hong Kong’s property buyers snapped up every single flat put on the market by New World Development during its second round of weekend sales of The Pavilia Farm III project in Tai Wai, with a record number of bidders chasing after every unit.

As many as 30,108 online bids were received for 338 flats, or 89 registrations of interest for every apartment on average, according to a New World spokeswoman. Every unit had sold out by 7pm, according to several sales agents.

The project’s location in Tai Wai, the main transport interchange in Hong Kong’s New Territories, has attracted owner-occupiers and investors alike, as its proximity to amenities, schools, shopping and the transport network improves its potential rental yield, agents said.

“We see a return of demand by investors, as they accounted for 40 per cent of the prospective buyers we received” for this project, said Sammy Po, Midland Realty‘s residential division chief executive, adding that the ratio had increased from 20 per cent in the first quarter.

New World Development’s The Pavilia Farm residential project atop the Tai Wai subway station in the New Territories on 30 September 2020. Photo: Xiaomei Chen

A lack of new property projects in Tai Wai over the near term, and its connection with the Sha Tin-to-Central link being built by Hong Kong’s subway network have combined to generate enthusiastic interests for the project, Po said.

The Pavilia Farm has seen brisk take-up since it was first launched on October 17 last year. The strong demand seen Saturday followed brisk sales performance over the previous week, when all 331 units in the first round sale were sold last weekend.