New World’s Pavilia Farm III flats snapped up for a third straight week amid bullish buying sentiment

169 out of 173 units at New World Development’s The Pavilia Farm III above Tai Wai MTR station were sold by the day’s close at 8pm

The average price of flats in the third phase that went on sale on Sunday were nearly 25 per cent higher than the launch price announced a month ago

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People queue up to buy flats at The Pavilia Farm III in Tai Wai on Sunday. Photo: Xiaomei Chen

Published: 6:23pm, 20 Jun 2021Updated: 10:07pm, 20 Jun 2021

Hong Kong’s home buying frenzy shows no sign of abating, with investors on Sunday snapping up nearly all units put on sale at a large residential project in Tai Wai for a third consecutive week.

169 out of 173 units at The Pavilia Farm III above Tai Wai MTR station were sold by the day’s close at 8pm, the developer New World Development said.

The developer said a record 30,500 prospective buyers had registered for the 173 units, or 176 buyers for each flat. The average price of the latest batch of flats in the project’s third phase has risen 24.3 per cent to HK$24,858 (US$3,850) per square foot from its launch price of HK$19,999 per square foot in late May. The latest price factors in discounts of as much as 20 per cent.

“The sharp rise in registrations is partly driven by Hongkongers who would like to buy ahead of the reopening of the border,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. “They believe mainland buyers would bid up home prices once they are able to travel to Hong Kong.”

One buyer paid HK$54 million for three units, the largest transaction in the third phase so far.