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Most flats sell at Grand Mayfair project near Yuen Long, in sign Hongkongers prefer new homes over secondary market
- Out of the 428 flats on offer at Grand Mayfair, 390 had been sold by the evening
- Overall market sentiment was positive, says executive at Sino Land, one of the developers behind project
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About 91 per cent of flats in a new development were snapped up by Hong Kong homebuyers on Friday, in a sign that the primary market was their preferred choice.
Out of the 428 flats on offer at Grand Mayfair near Yuen Long, which has been developed by Sino Land, K Wah International and China Overseas Land and Investment, 390 had been sold by 5.30pm, according to agents. Sales as of 4pm stood at about HK$3.5 billion (US$445.9 million), the developers’ spokeswoman said.
Buyers were “optimistic about the Northern Metropolis development and its huge opportunities, seeking the concept of having innovation in northern Hong Kong and finance on the southern side”, Victor Tin, group associate director of sales at Sino Land, said in a statement.
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“The response was overwhelming,” he said, adding that the project might have extra units to offer later. “The Hong Kong stock market performed well today as well, up nearly 600 points, and the overall market sentiment was positive.”
The response to Grand Mayfair came despite rising interest and unemployment rates, and buyers were tempted by its transport links and growth potential.
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Moreover, Friday’s sale was for the first round of the project’s phase two. Overall, the developers have earned more than HK$10.1 billion from close to 1,100 flats in three weeks, which made it the most popular project this year, according to the spokeswoman.
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